Apple's Value Exceeds The Combined Market Cap Of Amazon, Meta, And Alphabet
The market cap of Apple is now higher than the combined market cap of Amazon, Meta, and Alphabet (3 big tech companies). Just a few days ago, the market cap of Apple was standing at $2.307 trillion. A value as big as this reaffirms that Apple is indeed the most valuable company in the world.
The market cap of three tech giants (Amazon, Meta, and Alphabet) accounts for $2.306 billion, which is slightly lower than Apple's $2.307 trillion. However, this is still a great feat in itself that one tech company has managed to take on the other 3 tech companies.
At the time of writing this, the market cap of Alphabet was $1.26 trillion, while Meta was only at $240.07 billion. Similarly, Amazon's market cap was standing at $939.78 billion. Out of all these 3 companies, the one who is experiencing some serious problems is Meta which has already lost a major portion of its market cap.
Poor Quarterly Earnings Sparked Selloff
Last week was not so pleasant for the big tech companies as the quarterly earnings were disappointing at best. However, Apple was a different story as it exceeded Wall Street's expectations of profit and revenue for the 4th quarter.
After the results, Apple's shares rose by a staggering 8% while the other tech companies actually registered losses on the stock market.
For example, Amazon lost 10% of its stock value, while Meta lost more than 20%. Similarly, Alphabet's decline was only in the single digit, but it was still a negative outcome.
There is one thing common in all three of these companies... They all rely on advertising revenue for most of their income. And since the companies are slashing their advertising budgets due to economic difficulty, the financial results of Alphabet, Meta, and Amazon have also suffered!
However, that's not to say that Apple is in safe waters... If the economic recession actually turns out to be true in 2023, it could also hurt the sales of iPhone models, which is the main earner for the company.