According to yesterday’s (October 29) market listing, Apple’s value dropped by 3.7% taking its market valuation to $2.42 trillion. The 3.7% drop was all that Microsoft needed to become the world’s most valuable company. At present, Microsoft has a market valuation of $2.43 trillion.
Apple has also released its fourth-quarter financial report. The financial report shows that Apple’s fourth-quarter net sales are $83.36 billion, an increase of 29% from the $64.698 billion in the same period last year. The company also records a net profit of $20.551 billion. Relative to last year’s $12.673 billion profit, this is a significant increase for Apple.
However, Apple’s revenue fails to meet the expectations of Wall Street analysts
Apple’s CEO gives the reason behind its lower revenue. According to Cook, the major reason is due to the short supply of iPhones, iPad, and MacBooks. Due to chip shortages, there have been reports that Apple will reduce the production number of the iPhone 13 series.
Microsoft’s latest financial report shows that the company’s total revenue for the first fiscal quarter was $45.3 billion, an increase of 22% over the same period last year. The American manufacturer also records a net profit of $20.5 billion, an increase of 48% over the same period last year. Microsoft’s first-quarter revenue and profit both exceed analyst expectations, and its single-quarter profit exceeds $20 billion for the first time.