Microsoft reclaims spot as 2nd most valuable US company, pushing Amazon to 3rd

Apple may still reign as America's most valuable company, but now there's a new No. 2 in town.

Microsoft surpassed Amazon to once again become the second most valuable U.S. company on Friday, the Financial Times reports. The company just unveiled a standout quarter, saving it from a massive selloff that slammed Amazon and other tech stocks.

On Wednesday, Microsoft revealed that it exceeded third quarter profit expectations thanks to its cloud computing business, Reuters details. Shares have since risen nearly four percent, producing an estimated $823 billion valuation on Friday. Meanwhile, Amazon's quarterly results didn't look as good, causing shares to drop and leaving the company with an $805 billion valuation on Friday.

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Even with a not-so-bright future foreshadowed by the last quarter, Amazon's share valuation is still up 40 percent so far this year, Reuters notes. Microsoft's is only up 25 percent. Meanwhile, Apple crossed the $1 trillion mark in September and hasn't dropped below it since. Its third quarter results are still forthcoming.