Finance

Apple surpasses Microsoft as the world’s most valuable company (AAPL, MSFT)

Tim CookGetty

  • Apple passed Microsoft on a market capitalization basis on Friday to take back the crown as the world’s most valuable company.
  • The iPhone maker was valued at roughly $1.065 trillion as of 11:20 a.m. ET Friday, just edging past Microsoft’s $1.063 trillion valuation.
  • Apple stock has surged in recent weeks as numerous analysts anticipate iPhone 11 sales to surpass initial estimates.
  • Meanwhile, Microsoft was among those hardest hit by a broad tech-sector sell-off.
  • Watch Apple trade live here.

Apple surpassed Microsoft in market capitalization on Friday morning to retake the throne as the world’s most valuable company.

The iPhone maker was valued at about $1.065 trillion as of 11:20 a.m. ET Friday, just edging past Microsoft’s $1.063 trillion market cap.

Microsoft has held the market-value crown since April 25, when it beat estimates for quarterly earnings and breached the $1 trillion threshold for the first time.

The Cupertino, California-based company’s stock has surged in recent weeks as numerous analysts predict better-than-expected iPhone 11 sales. Many firms anticipated consumers would skip out on Apple’s latest phone lineup to wait for rumored 5G iPhones to release in 2020.

Further, Microsoft was caught in broad stock sell-off, falling as much as 2.2% on Friday. Apple was largely spared, declining just 0.4% at its intraday low.

Read more: A self-taught hedge fund manager who’s returned 19%-plus annually to investors since 2012 shares the 3 books that ‘put it all together’ for him

Interbrand ranked Apple as the world’s most valuable brand name Friday and placed Microsoft in fourth place. Google and Amazon took second and third place, respectively. The brand consultancy firm based its rankings on current brand strength, value added to the company by the brand, and future plans for the brand.

The report marked Apple’s seventh consecutive year at Interbrand’s top spot.

Apple became the first US company to break the $1 trillion valuation level in August 2018.

Apple traded at $235.37 per share as of 11:55 a.m. ET, up roughly 50% year-to-date.

The tech giant has 25 “buy” ratings, 17 “hold” ratings, and six “sell” ratings from analysts, with a consensus price target of $225.01, according to Bloomberg data.

Now read more markets coverage from Markets Insider and Business Insider:

Can’t afford a $1,780 share of Amazon? Charles Schwab will offer fractional share trading in an effort to attract younger investors

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Most Popular

To Top