Apple Hits Oil Slick as World's Former Top Company
Apple is no longer the world's most profitable company. Instead, Exxon Mobil - the company bumped to second place in global profitability by Apple more than a year ago - has reclaimed its crown.
With shares of AAPL now trading at $440, Apple's market cap took a dive this week after a less-than-rousing earnings report from the most recent quarter.
As a result, Exxon Mobil is once again the most valuable company by way of its market cap. Forrester analyst Charles Golvin doesn't seem surprised given the widespread lower expectations Apple is generating today.
"It's a reality check on inflated expectations," Golvin says of Apple's diminished market cap. "I don't think it's a portent or a harbinger of diminished impact of Apple on the market." Golvin suggests that Apple may no longer be as far ahead of the competition as it once was.
"While they are still an 800 pound gorilla and bringing tremendous innovation and new experiences to consumers," he concludes, "others are starting to catch up to them a little bit and having some influence where they didn't before."