“For the first time in years, Apple Inc. gave up its crown as the world’s most valuable publicly traded company on Monday, at least for part of the trading day,” Ryan Vlastelica reports for Bloomberg.
“Shares of the iPhone maker have dropped sharply over the past several weeks, and the decline has erased about $300 billion in market capitalization from the company, which crested at a record $1.1 trillion valuation in early October,” Vlastelica reports. “The slump ultimately took the company’s market cap below that of Microsoft Corp.’s on Monday, the first time in more than eight years that Microsoft was worth more by this metric. It was also the first time since 2013 that any company topped it, ever since Apple eclipsed Exxon Mobil Corp. in size, according to an analysis of Bloomberg data.”
“Apple’s market cap hovered around $823.66 billion as of 3:15 p.m. in New York, while Microsoft’s stood at $823.90 billion, although the two spent much of Monday afternoon jockeying for the top seat in intraday action,” Vlastelica reports. “While Apple analysts see it transitioning to a business model based more on services than unit sales, there could be more pain ahead for the stock, which could dethrone it from the number-one spot in a more decisive fashion.”
Read more in the full article here.
MacDailyNews Take: iPhone unit sales are worth $300 billion. Good to know. That also tells you all you need to know about how the stock market assigns value.
BTW, Apple closed today up $2.33 (+1.35%) at $174.62 with a market value of $828.642 billion. Microsoft’s market value at close: $817.287 billion.
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