After nearly 8 years after Microsoft retreated from Apple, it became America’s most valuable company on Friday for some time. On Friday, the US stock market had a market capitalization of $ 753.3 billion in the NSEDC, while Apple lagged behind for the first time since 2010. Apple’s market cap decreased to $ 746.8 billion on Friday.
Apple later reclaimed the first position by strengthening its position. According to the Nasdaq website, Apple’s market cap reached $ 817.58 billion till the business ended on Friday. Microsoft also got the edge, but it reached the second position in terms of market cap. Until the business was closed, its market cap was $ 791.19 billion.
Apple became America’s first $ 1,000 billion company in August, but he could not sustain it. The main reason for Apple’s losers is to sell less than expected iPhone. There are reports that the company’s suppliers are cutting their costs and workforce. Amazon is at number three with $ 736.6 billion and alphabet (Google’s parent company) is at number four with $ 725.5 billion.
With the increase in the business of its Azure cloud, gaming and Surface laptop portfolio, Microsoft registered a revenue of $ 29.1 billion and profits of $ 8.8 billion in the first quarter of fiscal year 2019. Company revenues registered an increase of 19 per cent and profits increased by 34 per cent. During this period, the operating profit of the company increased by 29 percent to $ 10 billion. Satya Nadela, Chief Executive Officer of the company said, “There has been a great beginning in the financial year 2019, which is the result of our innovation and trust of the customers.”