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Apple no longer most valuable listed company

Source : IANS
Last Updated: Sat, Jan 26, 2013 06:50 hrs

New York, Jan 26 (IANS) Oil giant Exxon Mobil has regained the crown from Apple as the most valuable listed company after losing it to the tech giant 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, reported Xinhua.

Compared with its historical intraday high of $705.07 per share set Sep 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 Dec 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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