Alphabet Passes Lagging Apple in Market Cap

Apple Store Front
Justin Sullivan/Getty Images

The Apple logo is displayed on the exterior of an Apple Store on April 23, 2013 in San Francisco, Calif.

Google parent company Alphabet took over the title of world’s most valuable company late Thursday after Apple’s stock took a dip on fears of lackluster iPhone sales. With its share price ending the day at $90.32, Apple’s market cap fell to $494.8 billion, right behind Alphabet’s $499.9 billion.

Investors were spooked by a report claiming Apple had warned Taiwanese suppliers of smaller orders for new products. The next big product release is expected to be the iPhone 7, though a launch date is unknown.

Apple shares have been falling since April when it released its quarterly earning report. Apple disclosed a 12 percent decline in revenue for the most recent quarter. The dip boiled down to hardware: iPhone sales dropped by 16 percent to 51.2 million; iPad sales were down 18 percent to 10.3 million; and Mac computers were down 13 percent to 4 million. 

S&P 500’s Most Valuable:

Alphabet: $499.9 billion

Apple: $494.8 billion

Microsoft: $404.9 billion

Exxon Mobil: $371.8 billion

Berkshire Hathaway: $353.3 billion

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