Microsoft has surpassed Apple as the world’s most valuable publicly traded company. Microsoft shares rose 0.6 per cent on Tuesday, pushing the company’s market value to $828.1 billion at the close. The computing powerhouse is now having a revival moment, as it tops Facebook, Google, Amazon and the other tech giants of the late decade.
Microsoft surpasses Apple as the world's most valuable publicly traded company as Microsoft's big bet in cloud pays off, reports news agency AP pic.twitter.com/F45xjCXLV6— ANI (@ANI) November 30, 2018
ALSO READ | Microsoft boss Nadella rakes in $35 million in share sale
iPhone unit sales have tumbled this month giving an edge to Microsoft for more than $1 billion. The last time Microsoft’s market capitalization was bigger than Apple was in 2010, according to data compiled by Bloomberg.
Segment watchers are seeing weak demand for Apple's new mid-tier iPhone XR model, a device previously viewed as the year's most attractive option in terms of price and performance.
Earlier this month, a handful of Apple parts suppliers slashed revenue forecasts for the upcoming quarter, prompting concern of iPhone production cuts. Neither Apple nor iPhone were cited as a causal factor, though analysts believe the tech company is the only customer large enough to substantially move the needle, Apple Insider reported.
According to research by Gartner and IDC, Microsoft lost its business as people were favouring PCs over smartphones. PC sales plunged 10 percent to about 315 million in 2013.
“Microsoft is outperforming its tech rivals in part because of what it’s not. It doesn’t face as much regulatory scrutiny as advertising-hungry Google and Facebook, which have attracted controversy over their data-harvesting practices. Unlike Netflix, it’s not on a hunt for a diminishing number of international subscribers. And while Amazon also has a strong cloud business, it’s still more dependent on online retail,” said Daniel Morgan senior portfolio manager for Synovus Trust.