Software company Microsoft has regained its spot as the second most valuable US company on Friday, pushing one of its main rivals, Amazon, down to third place.
The four-decade-old software company beat quarterly profit expectations, driven by its cloud computing business that competes with Amazon’s.
Meanwhile, a disappointing quarterly report from Amazon.com wiped $65 billion off the online retailer’s market capitalisation.
Amazon’s shares dropped 7 percent, the most in nearly three years after its holiday season sales outlook missed targets, with analysts believing that the company is finally facing more serious competition from other retailers.
Apple remains at the top of the list at over $1 trillion after crossing that threshold in August. The company will report quarterly results on 1st November.