Apple Inc. lost its crown as the world's most valuable public company to Microsoft Corp. on Friday, as the iPhone maker's shares fell by about 2 percent.

Apple took a $6 billion hit to its sales during the fiscal fourth quarter due to persistent global supply chain problems, leading to a miss on Wall Street expectations. The company's CEO Tim Cook said the impact will be even worse in the current holiday sales quarter.

"Compared to less hardware focused FAANG peers, Apple is also a lot more exposed to supply chain disruption," said Sophie Lund-Yates, equity analyst at Hargreaves Lansdown.

Apple's shares dropped by 1.8 percent to end the session at $149.80, giving the company a market capitalization of $2.48 trillion. By contrast, shares of Windows software maker Microsoft rose by 2.2 percent to a record high of $331.62, ending the session with a market capitalization of $2.49 trillion.

Apple, which has repurchased $421.7 billion worth of shares over the years, had announced a massive $90 billion share buyback in April. As a result, the outstanding stock pool keeps shrinking and the company ended its fiscal fourth quarter with 16.4 billion shares.

Microsoft's stock has surged 49 percent this year, with pandemic-induced demand for its cloud-based services driving sales. Shares of Apple have increased by 13 percent so far this year.

Apple's stock market value overtook Microsoft's in 2010 as the iPhone made it the world's premier consumer technology company. The companies have taken turns as Wall Street's most valuable business in recent years, with Apple holding the title since mid-2020.

Analysts say Apple has managed the supply chain issue well, but with Cook warning of more pressure, the company is more likely to experience a hit to its performance as the holiday season kicks in.

In contrast, Microsoft on Tuesday, forecast a strong end to the calendar year. But it also warned that supply-chain woes will continue to dog key units, such as those producing its Surface laptops and Xbox gaming consoles.