Exxon surpasses Apple as world’s most valuable company
People lined up to enter a newly-opened Apple Store in Wangfujing shopping district in Beijing. Apple's profit surge halted in the latest quarter
NEW YORK » Exxon has once again surpassed Apple as the world’s most valuable company after the iPhone and iPad maker saw its stock price falter.
Apple Inc.’s stock has been on the decline since its earnings report earlier this week. It dropped 2 percent today to $441.30 for a market capitalization of $414.5 billion. Exxon Mobil Corp. gained 13 cents to $91.48 and has a market capitalization of $417 billion.
Apple’s earnings results, posted Wednesday, suggested that its fast growth phase, rare for a company of its size, may be coming to an end. On Thursday, the stock saw its biggest one-day percentage drop since 2008.
Apple first surpassed Exxon in the summer of 2011. The two companies traded places through that fall, until Apple surpassed Exxon for good in early 2012.
