Apple shares extended their losses, losing its position as the world’s biggest company based on market value. Apple ended down 2.36 percent at $439.88, giving it a market capitalization of $413 billion, while ExxonMobil rose 0.36 percent to $91.68 with a market cap of $418 billion to edge into first place.
Apple first overtook ExxonMobil in August 2011 as the most valuable company in the world based on the value of its stock.
A year later, Apple overtook Microsoft as the most valuable company in history based on the value of its stock at $622 billion. But the company took a bruising this week after a gloomy forecast accompanying its record quarterly profit announcement prompted pessimism over the tech giant’s slowing growth trajectory.
