World’s most valuable company is Exxon, not Apple (VIDEO)
People walk past the Apple store at Grand Central Terminal in New York City on January 25, 2013. Apple shares slid about 12 percent a day earlier after the tech giant posted record profits and sales of its iPhones and iPads, but offered a disappointing forecast for the coming months.
Exxon Mobil has retaken the title as world’s most valuable company after the latest decline in Apple’s stock price.
The oil company’s value is now $417 billion, compared to about $414 billion for maker of the iPad and iPhone, Bloomberg reported.
Apple held the designation ahead of Exxon through 2012, but doubt surrounding the tech company's ability to lead the pack in an ever-competitive marketplace has sent its stock prices tumbling.
“There was little room for imperfection,” JPMorgan Chase analyst Mark Moskowitz told Bloomberg. “Investors jumped into the parade alongside growth in tech. They forgot that Apple is taking on a herculean effort.”
Apple’s share prices reached an all-time high of $705.07 in September, but declined to near the $440 mark in trading Friday, The Washington Post reported.
More from GlobalPost: Apple shares plunge 12 percent, again
The Cupertino, Calif. company's stock prices dropped this week even as the company announced record profits.
That's because as Google and Samsung introduce popular, more affordable tablets and smart phones, analysts have hedged their bets against Apple’s staying power.
There’s also concern that Apple many not continue to develop revolutionary products since the death of co-founder Steve Jobs in 2011.
On Wednesday, Apple CEO Tim Cook said his company will continue to strive to create innovative products.
“We only want to make the best products,” Cook said, according to The Post. “We’re focused on making products that enrich lives.”
More from GlobalPost: Exxon earns $16 billion profit, yet falls short of expectations