Microsoft maintains the lead with $2.45T, against Apple’s $2.42T as of 9.45 am EDT
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.
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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.
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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 periods, from $37.1 billion the same period of last year, according to its financial results statement released Tuesday after market closing.