SAN FRANCISCO, Oct 30 — Apple Inc lost its crown as the world’s most valuable public company to Microsoft Corp yesterday, as the iPhone maker’s shares fell about 2 per cent.
“Compared to less hardware focused FAANG peers, Apple is also a lot more exposed to supply chain disruption,” said Sophie Lund-Yates, equity analyst at Hargreaves Lansdown. Apple, which has repurchased US$421.7 billion worth of shares over the years, had announced a massive US$90 billion share buyback in April. As a result, the outstanding stock pool keeps shrinking, and the company ended its fiscal fourth quarter with 16.4 billion shares.
Apple’s stock market value overtook Microsoft’s in 2010 as the iPhone made it the world’s premier consumer technology company. The companies have taken turns as Wall Street’s most valuable business in recent years, with Apple holding the title since mid-2020.
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