December 2, 2018 | Investopaper
The tussle between two tech-giants continue as Microsoft market capitalization overtook Apple’s stock market value for the first time this Friday since Apple lead Microsoft in 2010. The reason behind Apple’s fall was their investors concerned about iPhone demand while Microsoft benefited from growth in cloud computing.
Shares of Microsoft rose 0.6 percent to end the week at $110.89, putting its market capitalization at $851.2 billion. Apple shares fell 0.5 percent to $178.58 on the day, adding up to a market value of $847.4 billion.
The two stocks jostled for the top spot over the course of the week, with Microsoft’s stock market value exceeding Apple’s at several points in intra-day trading but not at the close.
In recent months, technology shares have been punished by investors worried about rising interest rates and the potential consequences of the US-China trade war.
Apple shares are now 19.6 percent lower than on Nov. 1, when the company warned after the regular session that holiday-quarter sales would likely miss Wall Street expectations. Global demand for smartphones has slowed in recent years.
Analysts on average expect Microsoft’s revenue to increase 12.7 percent for its fiscal year 2019 ending in June, compared with an estimated 5 percent rise for Apple’s fiscal 2019, which ends in Sept, according to the Refinitiv data.