Overtaken: Microsoft Outperforms Amazon, Becomes Second Most Valuable US Company

After Amazon’s disappointing quarterly report, Microsoft Corp regained its spot as the second most valuable US Company. It was confirmed on Friday.

The report revealed that Amazon’s stock value dropped; $65 billion wiped off the online retailer’s market capitalisation.

It’s confirmed that Amazon’s holiday season sales outlook missed targets, due to which the company shares dropped to seven percent.

According to Reuters, Microsoft’s market capitalisation was Wall Street’s highest in late 1998 before the dot-com bubble burst. Currently, Apple Inc tops the list at over $1 trillion followed by Microsoft at $823 billion. Amazon drops to the third position – was worth $805 billion on Friday. However, the drop was equivalent to the combined values of Target Corp and Corning Inc.

Driven by its cloud computing business, Microsoft shares remain up nearly 4 percent from Wednesday, the news agency reported.

Trump Administration vs. Jeff Bezos

Jeff Bezos, Amazon CEO, faces heat from Trump administration following its accusations that the retailer’s deal with the US Postal Service is unfair. The administration also questions the company whether it pays enough in taxes

According to analysts, it believed that Amazon has lagged behind and its shares have dropped due to such interference, The Hill reported. 

Amazon, earlier this month, announced that it would raise its company-wide minimum wage to $15 per hour. The decision was termed ‘generous’ and hailed across the world.