Microsoft stock market value overtakes Apple

SAN FRANCISCO: Microsoft Corp’s stock market value closed above Apple Inc’s for the first time in eight years on Friday as the Windows maker benefited from growth in cloud computing while Apple was hit by investor concern about iphone demand.

Shares of Microsoft rose 0.6 per cent to end the week at $110.89, putting its market capitalisation at $851.2 billion. Apple shares fell 0.5 per cent to $178.58 on the day, adding up to a market value of $847.4 billion.

The two stocks jostled for the top spot over the course of the week, with Microsoft’s stock market value exceeding Apple’s at several points in intra-day trading but not at the close.

Both companies’ market capitalisations were calculated using outstanding shares reported in their most recent 10-Q filings.

Apple’s market capitalisation overtook Microsoft’s in 2010 as Microsoft struggled with slow demand for personal computers, due in part to the explosion of smartphones like the iphone.

After Satya Nadella took over as chief executive in 2014, Microsoft reduced its reliance on Windows software for PCS and became a major player in cloud computing, second only to Amazon.com Inc.

In recent months, technology shares have been punished by investors worried about rising interest rates and the potential consequences of the Us-china trade war.