On Friday, Apple lost its title as the world’s most valuable public corporation to Microsoft, as the iPhone maker’s stock dropped around 2%.

Apple’s sales fell by $6 billion (approximately Rs. 44,940 crore) in the fiscal fourth quarter as a result of ongoing worldwide supply chain issues, falling short of Wall Street projections. Tim Cook, Apple’s CEO, predicted that the impact would be considerably greater during the current holiday sales quarter.

“Apple is also a lot more sensitive to supply chain disruption than its less hardware focused FAANG peers,” said Sophie Lund-Yates, equities analyst at Hargreaves Lansdown.

Apple’s stock fell 1.8 percent to $149.80 (approximately Rs. 11,200) at the close of the day, giving the company a market worth of $2.48 trillion (roughly Rs. 1,85,75,202 crore). Microsoft shares, on the other hand, climbed 2.2 percent to a record high of $331.62 (approximately Rs. 24,800), giving the company a market valuation of $2.49 trillion at the close of the day (roughly Rs. 1,86,49,489 crore).

Apple announced a hefty $90 billion (approximately Rs. 6,74,077 crore) share buyback in April, after repurchasing $421.7 billion (about Rs. 31,53,186 crore) worth of stock over the years. As a result, the company’s outstanding stock pool continues to decline, with 16.4 billion shares at the conclusion of the fiscal fourth quarter.

Microsoft’s stock has risen 49 percent this year, owing to increased demand for its cloud-based services as a result of the epidemic. Apple’s stock has increased by 13% so far this year.

In 2010, Apple‘s stock market valuation surpassed Microsoft’s, thanks to the iPhone, which made it the world’s most valuable consumer technology business. In recent years, the businesses have alternated as the most valuable company on Wall Street, with Apple holding the position since mid-2020.

Analysts say Apple has handled the supply chain issue successfully, but with Cook predicting further pressure, the company’s performance could suffer as the holiday season approaches.

Microsoft, on the other hand, predicted a good conclusion to the calendar year on Tuesday. However, it cautioned that supply-chain issues will continue to afflict important units, including as ones that manufacture Surface laptops and Xbox gaming consoles.

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