Apple lost its title as the world’s most valuable public company to Microsoft on friday, as the iPhone maker’s shares slid around 2%. Apple’s sales were affected by a $6 billion (approximately Rs. 44,940 crore) hit during the fiscal fourth quarter owing to continuous worldwide supply chain issues, resulting in a shortfall on Wall Street expectations. Tim Cook, Apple’s CEO, stated that the impact will be considerably greater in the current Holiday sales quarter.
Apple’s stock fell 1.8 percent to close at $149.80 (about Rs. 11,200), giving the company a market worth of $2.48 trillion (roughly Rs. 1,85,75,202 crore). In contrast, Microsoft’s stock surged 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 end of the session (roughly Rs. 1,86,49,489 crore).
Apple, which has repurchased $421.7 billion (about Rs. 31,53,186 crore) in shares throughout the years, announced a major $90 billion (approximately Rs. 6,74,077 crore) share buyback in April. As a result, the company’s outstanding stock pool continues to dwindle, and it completed its fiscal fourth quarter with 16.4 billion shares.