Microsoft is Now Second Largest Company by Market Value

It may have been a bad week for Amazon, but it resulted in a good week for Microsoft.

Amazon reported earning this week that beat estimates, but the e-commerce company’s outlook did not thrill Wall Street. The stock lost $68.1 billion in market capitalization on Friday which helped move tech giant Microsoft ahead of the company in terms of size.

Amazon’s CEO Jeff Bezos lost $11 billion in the sell off. It was Amazon’s worst trading day since October of 2014 as the company shed 7.8%.

For the third quarter, Amazon reported EPS of $5.75 while analysts waited for $3.14. Revenue at $56.6 billion was lagging behind the $57.10 billion expected. AWS revenue at $6.68 billion was also behind the $6.71 billion expected.

Looking ahead, for the fourth quarter, the pivotol holiday quarter, the company is expecting revenue guidance in the range of $66.5 billion and $72.5 billion. Analysts had expected $73.79 billion.

Disclaimer: We have no position in Amazon.com, Inc. (NASDAQ: AMZN) and have not been compensated for this article.