Shares of Apple sank below $90 for the first time in nearly two years
during trade Thursday May 12,2016, ceding the title of the world's largest company
by market valuation to Google.
With investors souring on the outlook for sales of its iPhones and iPads, and no new blockbuster consumer electronics product in its offerings, Apple shares fell sharply to $89.47 in early trade before coming back to end the day off 2.4 % at $90.34.
That was enough to lose the title of the world's largest company to Google parent Alphabet, whose shares lost just 0.3 % at $713.31.
Apple ended the day valued at $494.8 billion by market capitalisation, while its Silicon Valley rival Google was just a bit shy of $500 billion.
Apple shares have lost about 14 % since the beginning of 2016 and are down one-third from the peak of $132.54 one year ago.
With investors souring on the outlook for sales of its iPhones and iPads, and no new blockbuster consumer electronics product in its offerings, Apple shares fell sharply to $89.47 in early trade before coming back to end the day off 2.4 % at $90.34.
That was enough to lose the title of the world's largest company to Google parent Alphabet, whose shares lost just 0.3 % at $713.31.
Apple ended the day valued at $494.8 billion by market capitalisation, while its Silicon Valley rival Google was just a bit shy of $500 billion.
Apple shares have lost about 14 % since the beginning of 2016 and are down one-third from the peak of $132.54 one year ago.
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