Apple stock (AAPL) had a meteoric rise in the last couple of years, topping $2 trillion market cap just a year after becoming the first public company ever to hit $1 trillion. Post-pandemic, though, other huge big tech stocks have been catching up.

Today, Microsoft overtook Apple as the world’s most valuable public company, with a market cap of $2.45 trillion. The switch-up happened as Apple stock fell in response to its quarterly earnings results, where its financials came in weaker than expected, due to supply chain issues.

Last night, Apple reported $83 billion in revenue which was a slight miss compared to investor expectations. Tim Cook said Apple’s top-line revenue was impacted by as much as $6 billion due to lack of product supply. The company also warned that supply issues would also impact its results in the current quarter.

As a result of weaker numbers, Apple stock has fallen by about 4% at market open today. Nevertheless, the company is doing just fine, reporting revenue growth across all business segments and quarterly profit of $20.5 billion.

The value of Microsoft shares continues to climb as the company reports ever-increasing income from its cloud businesses. Unlike Apple, Microsoft’s core business is not affected by supply chain woes.

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About the Author

Benjamin Mayo

Benjamin develops iOS apps professionally and covers Apple news and rumors for 9to5Mac. Listen to Benjamin, every week, on the Happy Hour podcast. Check out his personal blog. Message Benjamin over email or Twitter.