Microsoft passed Apple in market cap on Friday, making it the most valuable publicly-traded U.S. company, after Apple missed earnings expectations on Thursday.
Apple reported revenue that fell short of Wall Street expectations during the company’s fiscal fourth-quarter on Thursday, a result of supply chain constraints. CEO Tim Cook told CNBC’s Josh Lipton the revenue shortfall is estimated at $6 billion, but he expects worse supply chain issues in the December quarter.
IPhone sales at the company were up 47% year-over-year but also fell short of analyst expectations. The company’s fourth-quarter only included a few days of iPhone 13 sales.
Apple was the first company to reach $1 trillion and $2 trillion market casp. It became the world’s most valuable publicly-traded company when it surpassed state oil giant Saudi Aramco in market cap last year.
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