Microsoft become the second most valuable tech company in the U.S on Friday by overtaking Amazon.
A drop in Amazon’s stock value caused the change in ranking, Reuters reported. This happened as a weaker-than-expected quarterly report from Amazon wiped out $65 billion worth of market capitalization.
Microsoft in the meanwhile saw a very positive quarterly report on Wednesday and has also gained 4 percent in stock value since then.
On Friday, Amazon’s stock value stood at $805 billion, while Microsoft’s sat at $823 billion. But still, Amazon’s year-to-date gains outpace Microsoft’s, with Amazon up by about 40 percent over the last year and Microsoft up by 25 percent.
Next Thursday, Apple is expected to report its own quarterly finances . The company has become the first U.S. company to be valued more than $1 trillion earlier this year following a period of record stock buybacks.
President Trump has floated pursuing tougher regulations on Amazon causing the company’s shares to dip at times.
Trump has feuded with Amazon CEO Jeff Bezos, who is also the owner of The Washington Post. Trump has time and again criticized the company’s deal with the U.S. Postal Service and questioned it’s tax paying techniques.
Amazon announced earlier this month that it would raise its company wide minimum wage to $15 per hour earlier this month. This was a victory for progressives who had pushed the company to improve pay and benefits for workers.