Microsoft Overtakes Apple as World's Most Valuable Company

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 revenues dropped $6 billion 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 will be considerably greater during the current Christmas sales quarter.

"Apple is also a lot more sensitive to supply chain disruption than its less hardware oriented FAANG counterparts," said Sophie Lund-Yates, equities analyst at Hargreaves Lansdown. Apple's stock fell 1.8 percent to $149.80 at the close of trading, giving the firm a market valuation of $2.48 trillion. Microsoft, on the other hand, surged 2.2 percent to a new high of $331.62, giving the company a market valuation of $2.49 trillion at the close of the session. Apple announced a hefty $90 billion share buyback in April, after repurchasing $421.7 billion worth of stock over the years.