Apple losses it to Exxon, no longer the most valuable company
Published by: Pratima Singh
Published on: Sat, 26 Jan 2013 at 12:27 IST
New York: Oil giant Exxon Mobil once again becomes the most valuable listed company after losing the title to the tech giant Apple a year ago.By the closing Friday, Apple's shares slid 2.36 percent to $439.88 per share for a market value of around $413 billion. Exxon's shares gained 0.42 percent to $91.73 per share for a market value of some $418.2 billion.
Compared with its historical intraday high of $705.07 per share set on September 21, 2012, Apple's share price has retreated 38 percent.
Apple's shares made a free fall during Thursday's trading after the tech giant reported lacklustre earnings and sales in the first quarter of its 2013 fiscal year.
In the quarter ending December 29, Apple made a record-high profit of $13.1 billion on a revenue of $54.5 billion, but the figures still fell short of analysts expectations.
The company also reported record-high sales of 47.8 million iPhones and 22.9 million iPads but failed to beat analysts forecast.
Apple's share price first surpassed Exxon's in the summer of 2011 and since then the two companies had been vying for the title. In January 2012, Apple beat Exxon by an overwhelming margin and has been holding on to it until Friday.
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