Microsoft overtakes Apple as world's most valuable company

Apple Inc (AAPL.O) lost its crown as the world's most valuable public company to Microsoft Corp (MSFT.O) on Friday, as the iPhone maker's shares fell about 2%. Apple took a $6 billion hit to its sales during the fiscal fourth quarter due to persistent global supply chain problems, leading to a miss on Wall Street expectations. Top boss Tim Cook said the impact will be even worse in the current holiday sales quarter. "Compared to less hardware focused FAANG peers, Apple is also a lot more exposed to supply chain disruption," said Sophie Lund-Yates, equity analyst at Hargreaves Lansdown. Apple's shares dropped 1.8% to end the session at $149.80, giving the company a market capitalization of $2.48 trillion.

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