Apple No Longer World’s Most Valuable Company
Exxon Mobil is back to holding the title of world’s most valuable company after Apple shares fell 18 percent this year.
For 12 straight months, Apple’s shares soar to record highs. Its shares, however, dropped and its market capitalization has been reduced to US$412 billion. Exxon Mobil is at US$417 billion.
1st Source Investment Advisors’ Jason Cooper said people are starting to realize that Apple is losing some of its shine.
Apple has long been the darling of the stock market because of its colourful history. In the last 15 years, the market saw Apple as a near-bankrupt company to become the world’s most dominant manufacturer of smartphones and tablets.
In September 2012, shares decreased some 37 percent, valued at US$245 billion. Even though iPad and iPhone continue to sell well, investors are worried whether Apple, through the leadership of chief executive officer Tim Cook, can continue to produce innovative products.
Rivals are also at Apple’s heels and trying hard to dislodge Apple from its position. Samsung Electronics is giving Apple a run for its money in the mobile touch-screen devices while Google is also competing in the OS market with its Android.
Google is reportedly entering the mobile device market with Nexus 7.