Microsoft Corp. is on track to overtake Apple Inc. as the world's largest publicly traded corporation by market value thanks to a decline in Apple Inc.'s stock in premarket trading on Friday.

In premarket trade, Apple slid 3.8 percent to $146.90 after posting fourth-quarter revenue that fell short of analyst expectations. If shares of the iPhone maker continue to trade at this level during regular trading hours, the company's market worth will plummet to $2.44 trillion. After reporting earnings that beat expectations for the 11th quarter in a row earlier this week, Microsoft is on track to surpass Apple and reach a market capitalization of $2.45 trillion, eclipsing Apple for the first time.