Microsoft Corp got back its spot as the second most valuable US company this Friday after Amazon.com disappointing quarterly report which wiped out 65 billion dollar off the market capitalization.

The list is topped by Apple Inc by over 1 trillion dollar after crossing that threshold in September. Microsoft`s market capitalization was the highest in Wall Street during late 1998 through early 2000 before the dot-com bubble burst.

There was a 7 percent drop in Amazon's shares, the most in nearly three years since its holiday season sales outlook missed targets, also due to the tech giaWallstreetlstreet facing stronger competition.

Microsoft shares fell 1.1 percent in a broad technology sell-off and it was also driven by a weaker-than-expected report from Google-parent Alphabet Inc, this left the Nasdaq composite index down 1.9 percent late Friday afternoon.

Shares of Microsoft went up nearly 4 percent from Wednesday, as company beat quarterly profit expectations, driven by its cloud computing business that competes with Amazon web service.

After the ups and downs of stock market value on Friday, which finally stood at 823 billion dollar, made to close above Amazon`s for the first time since April 2018, when it gave up its spot as second largest company by market capitalization.

Amazon market cap was worth 805 billion dollar on Friday, after falling below Microsoft`s in extended trade on Thursday. The drop was equivalent to the combined values of Target Corp and Corning Inc.

Amazon`s market plunge left it up around 40 percent year to date, while Microsoft has gained about 25 percent in 2018. On Wednesday, Amazon`s stock traded at the equivalent of 70 times expected earnings, its lowest level since 2011.

The average analyst price target for Microsoft is at 963 billion dollar market cap, while the average price target for Amazon is valued at 1.068 trillion dollars. The quarterly reports of Apple will be announced on November 1