Based on share reports by Bloomberg, Apple no longer occupies the top spot as the world’s most valued company.
Oil and gas multinational cooperation Exxon Mobil’s worth of US$418 billion takes the lead over Apple’s US$413 billion.
According to the source, Apple’s shares started faltering last fall when they dipped by 37% from a record high in September, with figures plummeting by about US$245 billion.
Apple is renowned for distinguishing itself from competitors by initiating the epoch of mobile touch-screen devices and dominating the market for a number of years.
Nevertheless, relentless competitors like Samsung Electronics Co. and Google Inc. have since emerged from Apple’s shadow to claim part of the burgeoning market in mobile touch-screen devices.
Apple has recently reported its most lackluster quarterly profits since 2003, registering a 12% decline. Analysts predict that the behemoth’s worth will continue to decline in the current quarter.
[via Bloomberg, image via meccasky / Shutterstock.com]