Microsoft overtakes Apple as richest tech company

iPhone 4 woes to blame

Apple's desperate battle to persuade the world that there's nothing wrong with the iPhone 4 may have calmed the fears of some in the tech industry, but Steve Jobs'  whitewash press conference seems to have done little to help the company's share price.

Just a few short weeks ago Apple overtook Microsoft as the richest company in the technology sector in terms of share value, but since a damning review by Consumer Reports decreed that the iPhone 4 fas fundamentally flawed, despite giving it the highest rating ever for a smartphone, Apple's market cap has been slashed to $219.26 billion on the back of a 3.6 per cent drop in share value.

Microsoft, on the other hand, has added a single point to its share value raising its market cap to $220.32 billion, according to Tech Trader Daily.

Both companies will be announcing earnings this week which will more than likely tip the balance back in Apple's favour, according to some maths we just did on the back of a beer mat.