Connect with us

Internet

Microsoft Overtakes Amazon as Second Most Valuable US Company

Published

on

Microsoft Corp regained its spot as the second most valuable US company on Friday after a disappointing quarterly report from Amazon.com wiped $65 billion (roughly Rs. 4.6 lakh crores) off the online retailer’s market capitalisation.

Apple tops the list at over $1 trillion (roughly Rs. 73 lakh crores) after crossing that threshold in September. Microsoft’s market capitalisation was Wall Street’s highest in late 1998 through early 2000 before the dot-com bubble burst.

Amazon’s shares dropped 7 percent, the most in nearly three years after its holiday season sales outlook missed targets, fanning concerns that Wall Street’s tech darlings are finally starting to face stronger competition.

Microsoft fell a more modest 1.1 percent in a broad technology sell-off that was also driven by a weaker-than-expected report from Google-parent Alphabet, leaving the Nasdaq composite index down 1.9 percent late Friday afternoon.

Shares of Microsoft remain up nearly 4 percent from Wednesday, when the four-decade-old software company beat quarterly profit expectations, driven by its cloud computing business that competes with Amazon’s.

Its stock market value on Friday stood at $823 billion, on track to close above Amazon’s for the first time since April, when it gave up its spot as second largest company by market capitalisation.

Amazon was worth $805 billion on Friday, after falling below Microsoft’s in extended trade on Thursday. The drop was equivalent to the combined values of Target Corp and Corning Inc.

Amazon’s tumble left it up around 40 percent year to date, while Microsoft has gained about 25 percent in 2018. On Wednesday, Amazon’s stock traded at the equivalent of 70 times expected earnings, its lowest level since 2011.

The average analyst price target for Microsoft puts its market cap at $963 billion, while the average price target for Amazon values it at $1.068 trillion.

Apple will report quarterly results on November 1.

Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Internet

Galaxy Z Fold 3 cameras found an ally in DxOMark

Published

on

While the Galaxy Z Fold 3 had notable upgrades, like the S Pen support, it was also heavily criticized for its disappointing cameras. As if the 4MP under-display camera weren’t bad enough, the main cameras on the phone’s back haven’t actually moved forward since the Galaxy Z Fold 2. Compared to the Galaxy S21 Ultra from earlier this year, that … Continue reading

Continue Reading

Internet

Top laptops for learning from home

Published

on

Just like working from home, learning from home is a new normal these days. As educational institutions have remained distant from children for the best part of two years, students have become immensely dependent on smartphones and laptops for coursework and entertainment. Even now when many schools and colleges are conceding to a hybrid model – a mix of in-person … Continue reading

Continue Reading

Internet

TerraMaster F4-421 (2021) NAS Review

Published

on

The world today revolves around digital data and its processing, from the content we view on the Web to the new breeds of cryptocurrencies disrupting the financial status quo. While local data storage has become important even in the age of the cloud, data backups have become even more critical because of our dependence on our files for entertainment and … Continue reading

Continue Reading

Trending