Published : 2013-01-26 12:08
Updated : 2013-01-26 12:08
Apple shares extended their losses Friday, ending a miserable week for the California tech giant as it surrendered 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 oil giant 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 dethroned longtime rival 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.
Apple's profit was $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, lower than expectations.
Analysts remained cautious about Apple, which had seen a meteoric rise last September to over $700 a share but slid 37 percent since then. The company shed some $60 billion on Thursday and around $10 billion more Friday.