A steep decline in the iPhone maker's share price over the past several weeks briefly took its market valuation slightly below fellow technology bellwether Microsoft Corp.'s on Monday for the first time in more than eight years. While Apple maintained a healthy lead in size over the past few years, the company's recent swan dive has left it only marginally larger than Microsoft.
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.
Apple's market cap ultimately regained its No. 1 rank, closing at $828.64 billion as of 4:05 p.m.in NY, while Microsoft's stood at $822.90 billion after the two spent much of Monday afternoon jockeying for the top seat.
According to Bloomberg, "the last time Microsoft was bigger than Apple based on market cap was in mid-2010". Apple's market cap was about $1 billion less. On the other hand, Microsoft shares also slipped by 0.23 percent, bringing the value of the tech giant to the same as Apple.
Apple has slid amid growing concerns the company is seeing weak demand for iPhones, by far its biggest product line. Lately, however, production orders for new iPhone parts have dropped, cutting into Apple's market value.
Microsoft isn't immune to weakness in the technology sector, although it has held up much better, falling about 8 per cent from its own all-time high in October as investors take to its enterprise-oriented business, as well as the success of its cloud-computing division. That would put it below both Amazon.com, now valued about US$770 billion, and Google-parent Alphabet Inc., which has a market cap of about US$730 billion.
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