Apple (AAPL) stock has had a meteoric rise over the past two years, surpassing $2 trillion, just a year after becoming the first public company to hit $1 trillion. But things have changed since the pandemic. Today, Microsoft surpassed Apple as the world's most valuable public company, with a market capitalization of $2.45 trillion.
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The change came as Apple's stock fell in response to its quarterly earnings results, where its financials were weaker than expected due to supply chain issues.
Last night, Apple reported revenue of $83 billion, a slight miss compared to investor expectations. Tim Cook said Apple's top-line revenue was hit by up to $6 billion due to product supply shortages. The company warned that supply issues will also affect its results in the current quarter.
Apple shares fell about 4% in after-hours trading as a result of the weaker numbers. However, the company is doing well, reporting revenue growth across all business lines and quarterly profits of $20.5 billion.
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Microsoft shares continue to rise as the company reports steadily increasing revenue from its cloud. Unlike Apple, Microsoft's core business is not affected by supply chain issues.
Information source: 9to5mac.com
