Microsoft becomes most valuable company in the world, surpasses Apple

Microsoft Corp. hits a market value of $2.46 trillion after it rose as much as 1.1% overtaking Apple Inc. as the most valuable U.S. company for the first time in nearly 16 months after the smartphone giant reported a rare sales miss in the face of supply constraints.

Apple’s market value stands at $2.41 trillion after it dropped as much as 3.9 percent to $146.65 after reporting fourth-quarter revenue that was lower than the average analyst estimate.

Apple after the closing bell on Thursday, missing analyst expectations on revenue, with its iPhone, Mac, and Wearables businesses coming up short amid the ongoing chip shortage. According to Reuters, supply constraints knocked $6 billion off the company’s top line in the quarter.

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The most important numbers from the report compared to what Wall Street was expecting are down below, as compiled by Bloomberg.

Apple Earnings Report:

Revenue: $83.36 billion versus $84.68 billion expected
Earnings per share: $1.24 versus $1.24 expected
iPhone revenue: $38.87 billion versus $41.60 billion expected
Mac Revenue: $9.18 billion versus $9.30 billion expected
iPad Revenue: $8.25 billion versus $7.16 billion expected
Services revenue: $18.28 billion versus $17.57 billion expected
Wearables revenue: $8.79 billion versus $9.27 billion expected

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