Microsoft hit a market cap of $2.45 trillion at one point today.
What you need to know
- Microsoft passed Apple as the world's most valuable company.
- Microsoft has a market cap of $2.45 trillion compared to Apple's $2.44 trillion.
- Quarterly earnings came out this week, which affected the valuation of both companies.
Microsoft passed Apple to become the valuable company in the world (via iMore). The Redmond-based hit a market cap of $2.45 trillion today to pass Apple's value of $2.44 trillion. Those figures are from the middle of a trading day, so the companies may swap back and forth a few times before the day closes.
Microsoft continues to see strong growth and earnings. During the first quarter of the 2022 fiscal year, Microsoft brought in a revenue of $45.3 billion, which is a 22% increase year-over-year. Microsoft Cloud revenue saw a particularly large spike. It earned $20.7 billion in revenue in FY22, which is a 26% year-over-year jump.
While Apple fell slightly behind Microsoft in total value, the company is hardly struggling. Apple reported $366 billion of revenue in the last fiscal year, meaning the company brought in an average of over $1 billion per day.
Apple CEO Tim Cook claimed that the company lost about $6 billion due to the global pandemic and the current global chip shortage:
Sure. If you look at Q4 for a moment, we had about $6 billion in supply constraints, and it affected the iPhone, the iPad and the Mac. We had -- there were two causes of them for Q4. One was the chip shortages that you've heard a lot about from many different companies through the industry. And the second was COVID-related manufacturing disruptions in Southeast Asia. The second of those, the COVID disruptions, have improved materially across October to where we currently are.
The shortage isn't just disrupting Apple. It has affected most tech companies, including Microsoft.
via https://AiUpNow.com October 29, 2021 at 11:48AM by Sean Endicott, Khareem Sudlow,
