Microsoft has eclipsed Apple as the world’s most valuable company after the iPhone maker recently missed on revenue expectations for the first time since 2017. The miss, combined with Microsoft’s strong quarterly performance of $45.3 billion in revenue, was enough to turn the tides. As of writing, Microsoft has a market cap of $2.47 trillion, narrowly edging out Apple at $2.45 trillion.

Apple late last week reported record revenue of $83.4 billion for the three-month period ending September 30, but still fell short of Wall Street analysts’ expectations of $84.85 billion. CEO Tim Cook said larger than expected supply constraints cost them around $6 billion, and warned that the company will face even greater supply constraints in the holiday quarter.

Still, Cook expects the December quarter to deliver the largest revenue report in Apple’s history.

Apple launched its iPhone 13 family on September 24, meaning the new phones only had one week to contribute to last quarter’s earnings. The holiday quarter will be the true test of the iPhone 13’s success, and should highlight just how much of a damper supply chain struggles will have on the company.

Looking at the year to date, Apple’s stock market value is up 14.69 percent and is currently trading at $148.47 per share. Microsoft shares are up 50.98 percent since the beginning of the year, at $328.62 as of writing.

Like Apple, Microsoft also expects to face supply chain issues in the holiday quarter, especially as it relates to its Surface and Xbox lines.