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Amazon was almost worth $1 trillion, now its worth less than Microsoft

In a Pacific Northwest battle to be the second most valuable company in the world — and potentially reach a $1 trillion market cap — Microsoft Corp. is on track to overtake Amazon.com Inc. on Friday.

Amazon AMZN, +7.09% has been No. 2 to Apple Inc. AAPL, +2.19% , and even briefly flirted with a $1 trillion market cap in early September, but an October tech-stock swoon sent the Seattle e-commerce giant’s valuation to $869.2 million at the close of Thursday trading. That valuation appears to be headed for a healthy trim on Friday, though, as Amazon shares dropped 7.4% in after-hours trading following its third-quarter earnings report.

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