Microsoft reclaims title of most valuable public company after Apple falls

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Microsoft regained its crown as the most valuable publicly listed company in the world on Friday from Apple, whose shares slumped following a weak quarterly earnings update from the maker of iPhones and Mac computers.

Microsoft's 2.2 percent gain on Friday lifted its market valuation to $2.49 trillion. Apple slid 1.9 percent, taking its market cap to $2.46 trillion.

Microsoft reported this week that its revenues soared in the third quarter, aided by a pandemic-fueled surge in cloud computing resulting from a shift to remote working. The company's quarterly revenue grew 22 percent, its largest gain since 2014.

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