Apple Inc was dethroned as the world's most valuable public corporation by Microsoft Corp, as the iPhone maker's stock dropped by around 2%. The shift comes after Apple's earnings report, which showed outstanding profits but also revealed a $6 billion loss due to supply chain issues. Microsoft's stock has risen 49 percent this year, owing to increased demand for its cloud-based services as a result of the epidemic. Office, Windows, and Microsoft's cloud products all contributed to the company's favorable results.
Apple's stock fell 1.8 percent to $149.80 at the close of trading, giving the firm a market valuation of $2.48 trillion. Microsoft, on the other hand, surged 2.2 percent to a new high of $331.62, giving the company a market valuation of $2.49 trillion at the close of the session. This isn't the first time Microsoft has topped Apple's market cap; the Windows manufacturer did so for the first time since 2010 in 2018 and again in July 2020. Apple, on the other hand, has long been a market leader, has become the first US business to reach a $1 trillion market valuation in 2018, and the first US corporation to reach a $2 trillion market cap just two years later. So, it's not out of the question that Apple can reclaim the title of the world's most valuable corporation in the future.