US, 28/10:A rapid surge in Microsoft Corp’s shares nearly unseated Apple Inc as the world’s most valuable company on Wednesday, a day before the iPhone maker reports its quarterly results.
Fueled by strong quarterly growth in its Azure cloud-computing business, Microsoft’s shares jumped 4.2 per cent 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 per cent 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 iPhones.
Microsoft’s stock has rallied 45 per cent this year, with pandemic-induced demand for its cloud-based services driving sales. Shares of Apple have climbed 12 per cent in 2021.