M icrosoft has overtaken Apple to become the world's most valuable listed company after the iPhone maker revealed a slowdown in sales. Tim Cook blamed supply chain problems for a $6bn (£4.4bn) hit to sales in the iPhone maker's fourth-quarter results released on Thursday night. That was in sharp contrast to the upbeat outlook from Microsoft, which earlier this week beat estimates for the 11th consecutive quarter. The Windows maker's shares have jumped by more than half this year following to booming demand for its cloud computing services. The diverging fortunes of the two tech giants meant Microsoft yesterday leapfrogged its rival to regain its crown as the biggest company by market value. Apple first overtook Microsoft in 2010 and the companies have taken turns to be at the top in recent years, with Apple holding the title since mid-2020. S hares in Apple fell almost 4pc at the open in New York – its biggest opening bell decline since October 2020 – leaving it worth $2.41 trillion. Microsoft rose 0.7pc, valuing it at $2.46 trillion. In June, Microsoft became only the second US company to reach a valuation of $2 trillion. Apple was first to hit that milestone in… Read full this story
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