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Microsoft beats Apple to become world's most valuable company 

File photo. Photograph:( Reuters )

WION Web Team New Delhi, Delhi, India Nov 28, 2018, 10.34 AM (IST)

Microsoft briefly overtook Apple on Monday as the world's most valuable company by market capitalization before slipping back into second place.

Near 1800 GMT, Microsoft hit an overall market capitalization of $812.9 billion, just ahead of Apple's $812.6 billion, according to Bloomberg News.

However, Microsoft's surge to the top spot was short-lived. In late-afternoon trading, Apple's value was $822.9 billion, about $7 billion above Microsoft's.

Microsoft shares rose 0.6 per cent Tuesday, pushing the company’s market value to $828.1 billion at the close. Currently, Microsoft ranks second behind Amazon Web Services in the cloud.

The multinational company had experienced a downfall after computing shifted from desktop machines to mobile devices like iPhones.

Microsoft had tried regaining its lost dominance by acquiring Nokia’s handset business and releasing its own phones. The attempts, however, led to further decline.

Microsoft's fortune changed after the company invested heavily in data centers and other infrastructure to run applications and store data for corporate customers.

Microsoft also stopped manufacturing smartphone hardware, while boosting the quality of its tablet and PC designs.

Apple has been under pressure since a November 1 earnings announcement when it reported strong jumps in quarterly profits but notched weaker-than-anticipated iPhone sales and a disappointing outlook for the key holiday period.

(With inputs from agencies)

Story highlights

Microsoft shares rose 0.6 per cent Tuesday, pushing the company’s market value to $828.1 billion at the close. Currently, Microsoft ranks second behind Amazon Web Services in the cloud.