The software giant Microsoft has reportedly reacquired its position as the second most valuable US company on Friday. This happened after Amazon showed a disappointing quarterly report as the company wiped $65 billion off the online retailer’s market capitalization.
The company that tops the list is Apple with over $1 trillion after crossing that threshold in September. Microsoft’s market capitalization was Wall Street’s highest in late 1998 through early 2000 before the dot-com bubble burst.
The shares of Amazon reduced 7%, the most in nearly three years after its holiday season sales outlook missed targets. Microsoft fell a more modest 2% in a broad technology sell-off that was also driven by a weaker-than-expected report from Google-parent Alphabet, leaving the Nasdaq down 2.1% at midday.
The shares of the company remained high nearly 4% from Wednesday when the company beat quarterly profit expectations, driven by its cloud computing business that competes with Amazon’s.
Amazon was worth $805 billion on Friday, after falling below Microsoft’s in extended trade on Thursday. The drop was equivalent to the combined values of Target and Corning.