Tech giant Apple has bitten back the coveted title of most valuable public company in the world. It pipped its rivals Microsoft and Amazon to the post on Wednesday with a market capitalization of $821.59 billion (€724.66 billion).
Microsoft ended the trading day with a market value of $813.48 billion (€717.49 billion) and Amazon ended the day with a market value of $805.70 billion (€710.62 billion). The three companies have been rotating the top spot since late last year with Microsoft ending 2018 on a high before Amazon briefly stole the crown.
But recent figures have allowed Apple to claw back some gains, after it suffered a steep loss in market value in early January on the back of warning investors to expect weak revenue for its first quarter 2019. In the three months leading up to the warning, investors already predicted a drop in revenue, leading Apple’s market cap to leak $452 billion (€399 billion).
But Apple’s warning actually worked in its favour and its report was well-received. The stock soared nearly 7 per cent the day after Apple's report, where it proved strong services margins even as its iPhone revenue was down 15 percent.
Amazon and Microsoft's earnings reports, on the other hand, under-delivered compared to analysts' expectations.