Apple is no longer the world’s most valuable public company after Microsoft took top spot, according to reports. The news comes after Apple’s quarterly earnings call saw a stock slump, giving Microsoft the top spot.
Microsoft’s market cap of $2.45 trillion is enough to make it the number one most valuable public company around, with Apple having taken a beating following its earnings call.
9to5Mac reports that CEO Tim Cook warned that supply chain issues were the reason for lower than expected results — something that seems unlikely to be rectified any time soon.
Last night, Apple reported $83 billion in revenue which was a slight miss compared to investor expectations. Tim Cook said Apple’s top-line revenue was impacted by as much as $6 billion due to lack of product supply. The company also warned that supply issues would also impact its results in the current quarter.
Microsoft’s own outlook is rosier because it doesn’t focus so much on hardware. Apple remains a hardware company that sells services, whereas Microsoft is a software and services company that sells hardware. As noted elsewhere, software isn’t impacted by supply chain issues.
Much of Apple’s portfolio is currently almost impossible to buy thanks to shortages. The recently announced MacBook Pro is hard to come by, while anyone buying the much-vaunted $19 Polishing Cloth will be waiting until 2022 for delivery.
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