Apple obviously was in no mood to lose it again to Microsoft but as its iPhone sales were not as par with the expectation, the tech giant finally met the defeat by slipping one position in the list of the top US-based company.
As per Business Insider, the move was a surprising one as less than two months ago Microsoft's market value reached at $887 billion, whereas Apple's reached a peak above $1.12 trillion, marking itself as the first USA company with a $1 trillion valuation, but soon lost the status.
Microsoft is now standing tall with a market capitalization of $753.3 billion followed by Apple and Amazon with a market capitalization of $746.8 billion and $736.8 billion respectively.
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Apple shares have fallen more than 20 percent since the company reported earnings on November 1. At the same time, shares of Apple rose 0.63 per cent, leaving its stock market value at US$823 billion. Microsoft had rallied by more than 3 percent during Monday's official trading session, when the market notched broad gains.
After Satya Nadella took over as CEO in 2014, taking the reins from Steve Ballmer, Microsoft has been devoting more efforts to enterprise business and cloud services, while scaling back or pulling out from some hardware initiatives.
For now, there seems to be more positive sentiment toward Microsoft than Apple, with very good reason. Microsoft shares are down 8% from their September close. This marks a momentous event for the Bill Gates-founded company, since the last time that it was hailed as more valuable than Tim Cook's business was in 2010, as per Business Insider.
Instead, it's likely that Apple's recent struggles with low demand for its latest iPhones are what caused the company's stock - and thus, its market cap - to slide. The company was the top cloud services provider for enterprises a year ago, ahead of Amazon, IBM and Google.