ANKARA: US software company Microsoft surpassed technology firm Apple as the most valuable US company on Friday right after the US stock market opening.
Microsoft’s stock price climbed to $326.52 per share with a 0.67% gain at 9.30 a.m. EDT on the Nasdaq, giving the company a market value of $2.45 trillion, according to data compiled by Anadolu Agency.
Apple stock price declined to $147.75 per share with a 3.16% loss at the opening bell, as the firm’s market capitalization fell to $2.44 trillion on the Nasdaq.
At 9.45 a.m. EDT, Microsoft maintained the lead with $2.45 trillion, against Apple’s $2.42 trillion.
The recent overtake came just hours after Apple released its financial results on Thursday after the closing bell, in which revenue came below market expectation.
Despite posting a record quarterly revenue of $83.4 billion in the July-September period of this year, which was up 29% from $64.7 billion the same period of last year, the recent revenue came short of the $84.9 billion market estimate.
Microsoft’s revenue, on the other hand, increased 22% to $45.3 billion July-September period, from $37.1 billion the same period of last year, according to its financial results statement released Tuesday after market closing.