For the first time in years, Apple has given up its crown as the most valuable company in the world. On Monday, Microsoft briefly adopted that title, reports Bloomberg.
In recent weeks, Apple’s shares have fallen sharply, causing it to lose approximately $300 billion in market value. As a result, the company lost its first place in terms of market value for the first time since 2013. It was also the first time in eight years that Microsoft was worth more than Apple.
At the end of the day, however, Apple was back in first place with a value of $828.64 billion. Microsoft then had a value of 822.90 billion dollars. Apple’s shares increased by 1.4 percent and Microsoft’s shares by 3.3 percent.
Apple and Microsoft have had since the emergence of the companies rivalry. In the 1970s, the companies were founded one year after the other and both tried to achieve breakthroughs in the development of PCs. Microsoft was dominant at the end of the 90s, but eventually lost market share to Apple which launched the iPod and iPhone.
However, the iPhone would not perform as well as expected, causing the company’s shares to fall. This is one of the causes of the saturated smartphone market. Microsoft also suffers from problems in the tech sector, but managed to hold its own better than its competitor.
Earlier this year, Apple became the first company worth more than a trillion dollars. Now, Rich Ross, a technical analyst at Everscore, states that the company could lose another 18 percent due to the ailing smartphone market. There is a chance that Microsoft will then be able to gain a greater advantage over its competitor.This news article was automatically translated from Dutch to give Techzine.eu a head start. All news articles after September 1, 2019 are written in native English and NOT translated. All our background stories are written in native English as well. For more information read our launch article.