Move over Apple, Microsoft now the world's most valuable company

Apple took a $6 billion hit to its sales during the fiscal fourth quarter due to persistent, leading to a miss on Wall Street expectations. Top boss Tim Cook said the impact will be even worse in the current holiday sales quarter.

Apple's shares dropped 1.8% to end the session at $149.80, giving the company a market capitalization of $2.48 trillion. By contrast, shares of Windows software maker Microsoft rose 2.2% to a record high of $331.62, ending the session with a market capitalization of $2.49 trillion. Apple, which has repurchased $421.7 billion worth of shares over the years, had announced a massive $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.cloud-based services driving salesApple's stock market value overtook Microsoft's in 2010 as the iPhone made it the world's premier consumer technology company.

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