After Apple stock tanked following the company’s earnings call on Thursday, arch rival Microsoft overtook it to become the world’s most valuable company with a market cap of $2.46 trillion. But Apple isn’t far behind.
Cupertino’s market cap currently sits at around $2.43 trillion. Apple has warned, however, that ongoing supply issues could lead to weaker-than-expected results for the final quarter — typically Apple’s most lucrative — of the year.
Apple loses its crown as world’s most valuable company
Apple’s earnings for the third quarter of 2021 weren’t exactly poor, with record revenues for both the Mac and Services businesses. But they were disappointing for investors, who expected even better results.
Apple CEO Tim Cook admitted that revenue was impacted by as much as $6 billion due to supply constraints — and warned that the company will continue to face the same struggle going into the fourth quarter.
As a result, Apple’s stock value slumped soon after the earnings call on Thursday, and was down by as much as 4% when the market opened this morning. Microsoft’s stock, on the other hand, continues to see its value rise.
Microsoft is now the world’s most valuable company with a market cap of $2.46 trillion, while Apple has fallen to second place. Saudi oil giant Aramco is still in third place with a market cap of just over $2 trillion.