Apple shares fell 3.7% yesterday, bringing its market value to $ 2.42 trillion. That was enough for Microsoft to become the most valuable company in the world. Microsoft currently has a market cap of $ 2.49 trillion and Apple is worth $ 2.48 trillion.
Apple yesterday released its fourth quarter financials. The financial report shows Apple’s fourth-quarter net sales were $ 83.36 billion, up 29% from $ 64.698 billion in the same period last year. Apple also posted net income of $ 20.551 billion. Compared to last year’s $ 12.673 billion in profit, that’s a significant increase for Apple. Apple’s revenue fell short of Wall Street analysts’ expectations, however.
Apple CEO explains the reason for the decline in revenue. According to Cook, the main reason lies in the shortage of iPhones, iPads and MacBooks. Due to a shortage of chips, there have been reports that Apple will cut production of the iPhone 13.
Microsoft’s latest financial report showed that the company’s total revenue for the first fiscal quarter was $ 45.3 billion, up 22% over the same period last year. The American manufacturer also posted a net profit of $ 20.5 billion, up 48% over the same period last year. Microsoft’s revenue and earnings for the first quarter exceeded analysts’ expectations, and its quarterly profit exceeded $ 20 billion for the first time.
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