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The Apple logo is seen in this September 11, 2012 file photo at the Yerba Buena Center for Arts in San Francisco. Apple shares plunged at the open January 24, 2013 as markets reacted to a disappointing outlook from the US tech giant despite its record quarterly profits. The shares, which had topped $700 last year, slid 11.3 percent to $455.56 as markets opened, before trading in the shares was suspended due to the sharp decline. AFP Photo

NEW YORK, Jan 25, 2013 - Apple shares extended their losses Friday, as the California tech giant lost its position as the world's biggest company based on market value.

In midday trade on Wall Street, Apple shares were down 2.37 percent at $439.82, giving it a market capitalization of $412 billion. Oil giant ExxonMobil meanwhile rose 0.26 percent to $91.60 with a market cap of $417 billion.

In August 2011, Apple first overtook ExxonMobil as the most valuable company in the world based on the value of its stock.

A year later, Apple dethroned longtime rival Microsoft as the most valuable company in history based on the value of its stock at $622 billion.

Apple took a bruising this week after a gloomy forecast accompanying its record quarterly profits prompted pessimism over the tech giant's slowing growth trajectory.

Apple on Wednesday announced a profit of $13.1 billion on revenue of $54.5 billion in the fiscal quarter that ended on December 29, with sales of iPhones and iPads setting quarterly highs.

But despite those figures, investors soured on Apple after it forecast that revenue for the current quarter would range from $41-43 billion and that it would have a gross margin of 37.5 to 39.5 percent.

Comments (3) Closed

manghirmalani Jan 26, 2013 08:11am
abbastoronto Jan 27, 2013 05:37pm
Sell, sell, sell.
Adil Quraishi Jan 27, 2013 11:50am
Apple is a company that over the decades has defined and redined the IT market at retail level at the very dead end of the consumers with descerning taste.When apple brought Mac line of Pcs with its own operating system, it became a must have for the publishing and advertising industry and luxury for the cosumers with taste and willingness to spend big bucks. Apple laser printers set the bench mark for other bigger competitors and proved that bigger corporates are not always better. Steve Jobs was the visionary behind the startling success of Apple as company, and his removal decades back pushed Apple to wilderness.When Steve was brought back to Apple again he converted Apple as a harbinger of technical innovation with glossy products like I Pod,I Phone and I Pad, the bench marks of excellence in industry. Stock markets don't define companies like Apple but rather recognise and reap the financial windfall of the wonder companies like Apple and Microsoft. Hence nothing to worry about Apple, it would hold its ground and it still is the second most valuable company in the world.