By Noel Randewich
SAN FRANCISCO (Reuters) - Microsoft Corp's
Shares of Microsoft jumped 3 percent, pushing its market capitalisation up to $848 billion. With the broad market rebounding following a recent slump, Apple also rose, but less than Microsoft. Its 2.17 percent increase put Apple's market capitalisation at $845 billion, just four months after the iPhone maker breached the $1 trillion mark for the first time.
Microsoft and Apple briefly traded at about the same level after the bell on Monday, but Microsoft's intraday lead over Apple on Wednesday was more substantial.
Both companies' market capitalizations were calculated using outstanding shares reported in their most recent 10-Q filings.
Apple's market capitalisation overtook Microsoft's in 2010 as the Windows seller struggled with slow demand for personal computers, due in part to the explosion of smartphones driven by Apple's iPhone.
Since then, Microsoft has not ended an official trading session with a stock market value greater than Apple's.
Shares of several cloud software makers also rose on Wednesday after Salesforce.com Inc's
Since Satya Nadella took over as chief executive in 2014, Microsoft has reduced its reliance on Windows software for PCs and became a major player in cloud computing, second only to Amazon.com
In recent months, technology shares have been punished due to investor worries about rising interest rates and fallout from the trade war between the United States and China.
But Apple has suffered more than other Silicon Valley stalwarts, down 19 percent since the iPhone maker warned on Nov. 1 that sales for the crucial holiday quarter would likely miss Wall Street expectations.
Global demand for smartphones has slowed in recent years, making it more difficult for Apple to increase its revenue.
Thirty-three analysts recommend buying Microsoft's stock, while just one has a negative rating and another has a neutral rating, according to Refinitiv data.
(Reporting by Noel Randewich; Editing by Phil Berlowitz)
This story has not been edited by Firstpost staff and is generated by auto-feed.
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Updated Date: Nov 29, 2018 03:05:07 IST