After nearly a year on top, Apple's reign as the most valuable company in the United States came to an end as its quarterly earnings were lower than expected.
Exxon, the biggest investor-owned energy company in the world, reclaimed its top slot as America's most valuable corporation. The oil company held the slot for nearly six years until Apple surpassed them in 2011. The two companies constantly went back and forth for the number one slot during that year until Apple grabbed it in early 2012.
The tech company, which grew exponentially in a short period of time, had a rough week on the stock market. Last Thursday, Apple's stock fell 12 percent, the biggest drop in one day for the tech giant since 2008. Even though stock peaked at $705.07 in September—the day the iPhone 5 dropped—investors have started to lose faith with the rise of Google's Android software.
Analysts have started to question if Apple can continue to grow by just releasing updated versions of old products (the company has not released a new device since 2010). Only time will tell.
[via Huffington Post]
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