Microsoft’s market value overtakes Apple

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

Shares of Microsoft rose 0.6 percent to end the week at $110.89, putting its market capitalization at $851.2 billion. Apple shares fell 0.5 percent 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 capitalizations were calculated using outstanding shares reported in their most recent 10-Q filings.

Apple’s market capitalization 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.