SAWT BEIRUT INTERNATIONAL

| 28 May 2024, Tuesday |

Microsoft swipes Apple’s crown

Microsoft surpassed Apple as the world’s most valuable listed company on Friday and is now worth $2.5 trillion. The software giant took the top spot after Apple’s shares fell 3.5% amid supply chain issues affecting sales of iPhones that could linger well into the holidays. The two have swapped places before – Microsoft edged past Apple in July 2019. With Satya Nadella’s firm firing on all cylinders, it may be time to rethink membership of the FAANG-gang.

Microsoft didn’t get a look-in when Facebook, Apple, Amazon.com, Netflix and Alphabet’s Google were lumped together in an acronym to describe the highest-flying tech firms. But the Office stalwart can certainly keep pace with those members. It is expected to grow revenue for its next fiscal year 16% year-over-year to $195 billion, according to Refinitiv – faster than Netflix and Apple and on par with Alphabet.

In any case, FAANG is due for a do-over. On Thursday Mark Zuckerberg rechristened Facebook as Meta. Maybe it’s time for a new acronym – MMAANG? – or even better, no acronym at all.

    Source:
  • Reuters