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BREAKING NEWS

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Apple loses crown as most valuable company

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International News | Saturday January 26 2013 9:27

Apple loses crown as most valuable company

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Apple shares continue to slip as the California tech giant lost its position as the world's biggest company, based on market value.

In midday trade on Wall Street, Apple shares were down 2.37 per cent at $US439.82, giving it a market capitalisation of $412 billion.

Oil giant ExxonMobil meanwhile rose 0.26 per cent to $91.60 with a market cap of $417 billion.

In August 2011, Apple first overtook ExxonMobil as the most valuable company in the world based on the value of its stock.

A year later, Apple dethroned longtime rival Microsoft as the most valuable company in history, based on the value of its stock at $622 billion.

Apple took a bruising this week after a gloomy forecast prompted pessimism over the tech giant's slowing growth trajectory.

Photo: AAP

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