Microsoft, the US software giant, overtook Apple as the most valuable US company on Friday right after the US stock market opening.
Microsoft stock price moved up on Nasdaq to $326.52 per share with a 0.67% gain at 9.30 a.m. EDT, increasing the company’s market value of $2.45 trillion.
At the same time, Apple stock price eroded to $147.75 per share with a 3.16% loss at the opening bell. The firm’s market capitalization fell to $2.44 trillion on the exchange.
At 9.45 a.m. EDT, Microsoft’s lead was maintained with $2.45 trillion, against Apple’s $2.42 trillion.
The main reason for Apple’s decline was due to the release of its financial results on Thursday after the closing bell, which shows the revenue came below market expectation.
Although Apple recorded quarterly revenue of $83.4 billion in the July-September period of this year, which is up 29% from $64.7 billion the same period of last year, the latest revenue came short of the $84.9 billion market estimate.
On the other hand, Microsoft’s revenue increased 22% to $45.3 billion July-September period, from $37.1 billion the previous year, according to its financial results statement released Tuesday after market closing.