Apple Has Been Bested
Apple (NASDAQ:AAPL) lost its status as the largest U.S. publicly traded company by market value during the trading day on Friday to Exxon Mobil (NYSE:XOM) as its shares continued to fall. With Apple falling 2.36 percent on the day to $439.88, its market value stood at roughly $413 billion. Exxon, with its shares largely flat on the day at $91.73, had a market value above $418 billion.
Apple’s fall since Wednesday:
Exactly a year ago, on January 25, 2012, Apple’s stock-market value grew to $416.5 billion, beating out Exxon as the most valuable company in the world. The iPhone maker held onto that lead all of last year, even widening the gap to $240 billion in September when it hit a record high. At the time, just the gap was bigger than all but three stocks in the S&P 500.
However, since then, Apple shares have slipped more than 35 percent and the fresh fall this week followed its announced holiday-quarter earnings results on Wednesday. While the earnings numbers were not particularly weak, the iPhone maker failed to meet the soaring expectations of its investors and tech analysts. The company announced revenue of $54.5 billion and net profit of $13.1 billion, or $13.81 per diluted share. It also sold a record 47.8 million iPhones in the quarter.