Apple no longer world's top company

2013-01-26 14:13
(File, AFP)

(File, AFP)

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San Francisco - Apple surrendered its status on Friday as the world's most valuable company as a stock dive sparked by a disappointing earnings report allowed oil giant Exxon Mobil to leapfrog to the top spot.

Shares in the technology giant plummeted 12% on Thursday, knocking over $50bn from the company's market capitalisation, and were down a further 2-per-cent in afternoon trading on Friday.

The decline reduced the company's value to some $414bn, sending it below Exxon Mobil's value of $417bn. Apple's shares reached a high of $705 in September 2012, since when they have fallen 37%.

Analysts have attributed the fall to investor concern about the company's slowing growth in the face of increased competition in the Smartphone market, and a seeming inability to introduce new ground-breaking products that will allow it to dominate new markets.

- SAPA
Read more on:    apple  |  technology
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