Exxon takes the sweetness out of Apple

Exxon takes the sweetness out of Apple
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Published January 27th, 2013 - 08:08 GMT via SyndiGate.info

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Global oil giant Exxon has overtaken Apple as the world biggest company, after the iPhone maker's share price dropped
Global oil giant Exxon has overtaken Apple as the world biggest company, after the iPhone maker's share price dropped
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London
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Exxon Mobil

Exxon has surpassed Apple as the biggest public company in the world after the iPhone maker saw its stock price declining.

Shares in the iPhone and iPad maker stood at more than 700 dollars as recently as September, but had fallen two percent to 440.75 dollars on Friday, giving it a market capitalisation of 414.4 billion dollars.

The US technology giant therefore slipped behind Exxon Mobil, the oil and gas business, which it overtook in August last year, the Telegraph reports.

Exxon shares climbed 0.23 to 91.58 dollras, handing it a market capitalisation of 417.4 billion dollars.

Investors cashed out of Apple for the second day running after the American technology giant's fourth quarter results.

Although Apple delivered a record profit of 31.1 billion dollars, its figures showed only a slight improvement on the previous year, causing alarm on Wall Street.

More than 50 billion dollars was wiped off the value of the company on Thursday as shares fell more than 12pc, its biggest fall for more than four years. 

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