Fuelled by strong quarterly growth in its Azure
cloud-computing business, Microsoft's shares jumped 4.2 percent to end at a
record $323.17, elevating the software maker's market capitalisation to $2.426
trillion, just short of Apple's $2.461 trillion valuation, according to
Refinitiv data.
Apple's shares dipped 0.3 percent ahead of its report due
after the bell on Thursday, with investors focused on how the global supply-chain
crisis is challenging the company's ability to meet demand for its iPhone
models.
Microsoft's stock has rallied 45 percent this year, with
pandemic-induced demand for its cloud-based services driving sales. Shares of
Apple have climbed 12 percent in 2021.
Apple's stock market value overtook Microsoft's in 2010 as
the iPhone made it the world's premier consumer technology company. The two
companies have taken turns as Wall Street's most valuable company in recent
years, with Apple holding the title since mid-2020.
In its report late on Tuesday, Microsoft forecast a strong
end to the calendar year thanks to its booming cloud business, but it warned
that supply-chain woes will continue to dog key units, such as those producing
its Surface laptops and Xbox gaming consoles.
Analysts on average expect Apple to report September-quarter
revenue up 31 percent to $84.8 billion and adjusted earnings per share of $1.24,
according to Refinitiv.
0 comments:
Post a Comment