Move over Apple, Microsoft now the world's most valuable company

FILE PHOTO: Microsoft logo is seen on the smartphone in front of displayed Apple logo in this illustration taken, July 26, 2021. REUTERS/Dado Ruvic/Illustration

(Reuters) -Apple Inc lost its crown as the world's most valuable public company to Microsoft Corp on Friday, as the iPhone maker's shares continued their downward slide.

Apple took a $6 billion hit to its sales during the fiscal fourth quarter due to a nagging global supply chain problem, leading to a miss on Wall Street expectations. Top boss Tim Cook said the impact will be even worse in the current holiday sales quarter.