American technology company Apple is now worth more than fellow giants Alphabet, Amazon and Meta combined, after it ended trading on Wednesday with a market value of $2.307 trillion, according to Yahoo! Finance data.
At the same time, the market caps of its three tech giants total added up to $2.306 trillion at the close of trading Wednesday. Google parent Alphabet's market cap stood at $1.126 trillion, Amazon's at $939.78 billion and Facebook parent Meta's at $240.07 billion, Yahoo Finance data showed.
Apple's stock soared more than eight per cent on Friday after it reported better-than-expected fourth-quarter earnings results.The surge added $178 billion to Apple's market capitalization and helped drive an impressive rebound in the broader stock market. After their earnings reports, Meta plunged more than 20 per cent, Amazon fell about 10 per cent, while Alphabet saw a single-digit decline.
The weak earnings reported by Alphabet, Amazon, and Meta indicated a declining interest in digital advertising, the outlet said. As their shares sank as a result of the poorly received results, billions were erased from their market values, and Amazon was forced to leave the club of companies with trillion-dollar market caps.
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As per Market Watch, the contrast illustrates the sharp comedown in technology shares this year. Apple was worth $2.913 trillion to close out 2021, according to Dow Jones Market Data. The grouping of Alphabet, Amazon and Meta was worth $4.410 trillion at that time.
It is reported that over the past five sessions, Apple's stock has risen 0.16 per cent, while Alphabet has fallen 5.7% per cent, Amazon is down 17.0 per cent and Meta has lost 7.6 per cent over that period.
