Microsoft appears to be the winner of this week’s tech earnings-palooza, at least based on Wall Street’s reaction.
The Seattle-area tech giant’s market value reached $2.48 trillion in trading Friday morning, making it the world’s most valuable company again.
Shares of Microsoft have been rising steadily since it posted quarterly revenue of $45.3 billion, up 22%, fueled by its cloud business in its earnings report on Tuesday.
Apple, which held the title most recently, saw its market value slip to $2.46 trillion as its stock fell 2.4% Friday morning, following a disappointing earnings result on Thursday, due in part to supply chain constraints.
The two companies have traded this status back and forth in recent years.
Shares of Amazon fell by 2.7% on Friday morning, taking its market value to $1.7 trillion, after its profits fell far short of expectations in its earnings report on Tuesday. CEO Andy Jassy warned that the company would need to further boost spending in the fourth quarter to deal with the implications of the national labor shortage and other challenges.
Previously: Microsoft adds 23k employees in one year, growing 14% despite pandemic and tight labor market
