Apple, the computer and smartphone maker, lost the title of world's most valuable company to oil giant Exxon on Friday.
Apple's stock price has been dropping since it hit a high last September when its newest iPhone was introduced. Investors may have doubts that Apple can continue producing innovative, fast-selling products without founder Steve Jobs, who died more than a year ago. Apple's cause was also hurt by growing competition and slowing earnings.
Falling stock prices have cut Apple's value by more than $200 billion to $412 billion. In the meantime, Exxon has built its market capitalization to $417 billion.
Apple held the top spot for about a year. Exxon has been the globe's most valuable company several times over the years.
Apple's stock price has been dropping since it hit a high last September when its newest iPhone was introduced. Investors may have doubts that Apple can continue producing innovative, fast-selling products without founder Steve Jobs, who died more than a year ago. Apple's cause was also hurt by growing competition and slowing earnings.
Falling stock prices have cut Apple's value by more than $200 billion to $412 billion. In the meantime, Exxon has built its market capitalization to $417 billion.
Apple held the top spot for about a year. Exxon has been the globe's most valuable company several times over the years.