The violent sell-off on the post-accounts Apple stock leads the Cupertino giant to be overtaken by Microsoft as the largest company in the world by market value.
On Wall Street, Apple shares lost approximately 3.5 per cent in the aftermath of disappointing quarterly accounts, with the market cap falling to the area of $ 2.42 billion. On the other hand, Microsoft marks + 1.3% at USD 328.6, with a capitalization of USD 2.47 billion.
2021 gold for Microsoft
The stock of the IT giant founded by Bill Gates travels to historical highs with a sumptuous + 51% since the beginning of the year, while Apple has marked ‘only’ about + 14% from the beginning of the year and at current values ($ 147) the share is about 10 $ below the all time highs of September 7th.
Earlier this week Microsoft had jumped more than 4% after results that exceeded expectations.
Shares of Apple fell as much as 5% in after hours last night after its revenue fell short of expectations, damaged by supply constraints. Apple chief executive Tim Cook said supply constraints were worse than expected in the last quarter and cost about $ 6 billion.
Quarterly numbers cripple Apple
In the quarter between July and September – the fourth fiscal quarter for the iPhone giant – the consequences of the shortage of supply of components were worse than expected and mainly affected the production, and consequently the sales, of iPhones, iPads and Macs. .
CEO Tim Cook spoke of “a very solid performance, despite the impact of the higher-than-expected supply crisis, which we believe will be around $ 6 billion,” the CEO said in an interview with CNBC. of supply were caused by the lack of chips, which we continue to talk about a lot, and by the interruptions in production caused by Covid in Southeast Asia ”.
Apple’s net income stood at $ 20.6 billion, or $ 1.24 per diluted share, compared to $ 12.7 billion, or $ 0.73 per share on a diluted basis for the same quarter of 2020.
Apple’s eps was in line with forecasts.
Revenue rose 29% year-on-year to $ 83.36 billion, lower than the expected $ 84.85 billion; iPhone sales revenue jumped 47% year-on-year to $ 38.87 billion, still less than the expected $ 41.51 billion; services division revenue was $ 18.28 billion, up 25.6% year-on-year and better than the expected $ 17.64 billion; revenue from other products was $ 8.79 billion, lower than the expected $ 9.33 billion, up 11.5% year-on-year; Mac sales revenue was $ 9.18 billion, lower than the expected $ 9.23 billion, up 1.6% year-on-year; revenue from iPad sales was $ 8.25 billion, higher than the expected $ 7.23 billion, up 21.4% year-on-year.