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Apple loses to Exxon Mobil as the most valuable company

in International Business

Apple loses to Exxon Mobil as the most valuable company

appleFollowing a drastic decline in its shares, Apple is taken over by Exxon Mobil as the most valuable company.

The disappointed iPhone sales figures on Wednesday dropped Apple’s shares to 37% since their record high last September.

At the close on Wall Street, Apple had a market value of $413bn (£261bn), against Exxon’s of $418bn.

The tech giant has been hit by fears over its future growth, despite record profits.

Although the firm said on Wednesday that it had sold more iPhones (47.8 million) and iPads (22.9 million) in the final three months of last year than in any previous quarter, investors and analysts had expected yet more.

On Thursday, about $50bn was wiped off Apple’s value after the biggest daily drop in the firm’s stock in four years.

Apple is also facing fierce competition from rivals like Samsung, which accounted for one in four of all mobile phones shipped worldwide last year, according to Strategy Analytics.

Exxon became number one in 2005, traded places with Apple during 2011, and had been number two since early 2012.


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appleapple sharesExxon Mobil

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