Apple Once Again Regains its Title as the Most Valuable Public Company in the World
Apple has once again regained the title of the most valuable public company in the world.
According to a new report from CNBC, Apple rose 0.03 percent, putting its market value at $821.5 billion USD with a closing price of $174.24 yesterday. Microsoft’s market capitalization ended at $813.4 billion USD after its stock dipped 1.11 percent, while Amazon’s stock market value finished the day at $805.7 billion, in third place, after its shares slid 1.12 percent.
Earlier this week, Apple also briefly surpassed the aforementioned two companies, and the top title has been shifting back and forth for some time now.
Last year, Apple become the first US company to hit a $1 trillion USD market cap. However, investors started ditching the stock when Apple put out a letter warning that iPhone sales during the 2018 holiday quarter came in lower than expected. Services have been the company’s biggest bright spot though as Apple tries to grow revenues year-over-year again.
According to Apple CEO Tim Cook, “more than 100 percent” of its missed revenue could be attributed to a sales decline in China, as demand for its iPhone and iPad products weakened and fewer customers chose to upgrade their smartphones.
Cook placed the blame on “both macroeconomic and Apple-specific factors,” and said that the iPhone maker failed to “foresee the magnitude of the economic deceleration” in emerging markets.