Apple trumps Microsoft

City A.M. Reporter
APPLE shot past Microsoft to become the world’s biggest tech company based on market value yesterday, the latest milestone in the resurgence of the maker of the iPhone, which nearly went out of business in the 1990s.

Apple’s shares rose as much 2.8 per cent on Nasdaq as Microsoft shares floundered, briefly pushing its market value above $229bn (£160bn), ahead of its longtime rival.

Both stocks ended down after a late-day sell-off, but Apple emerged ahead with a market value of about $222bn, compared with Microsoft’s $219bn, according to Reuters data.

Apple shares closed down 0.4 per cent at $244.11 on Nasdaq, while Microsoft fell four per cent to a seven-month low of $25.01.

Shares of Apple are worth more than 10 times what they were 10 years ago, as it has profited from revolutionising consumer electronics with stylish, easy-to-use products.