Apple has lost its crown of being the world’s most valuable company as its shares continue to fall after its quarterly report that showed profits, but not enough to impress its shareholders. In the light of predictions for slow growth in the current quarter for the tech giant, its shares have been declining in value and this has eventually led the company to lose its world’s most valuable company crown.
On Wall Street, oil giant ExxonMobil has now become the world’s most valuable company with a market cap of $418 billion, while Apple’s market value is $413 billion.
Apple’s shares have been on a decline since last September and many analysts believe that the death of Steve Jobs had a major influence on the company as it lost its innovative approach after the company’s co-founder’s death. Furthermore, the dominance of Samsung Galaxy phones and other smartphones using Android have also hurt Apple’s market.
In an attempt to reach out to a broader audience and increase its market share, Apple is reportedly planning on coming up with a new product that will be easy to afford for users of the developing countries and hence will increase its sales and market penetration. This seems to be the philosophy of new owner Tim Cook. However, there is no denying that fortunes would not turn in Apple’s favour overnight. It has to be patient and even though its immediate prospects are a bit gloomy, Apple has better long-term prospects and Cook has already stated it clearly that everyone at the organisation is eyeing their and Apple’s long-term future.
Source: AFP
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