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AFP
Shares of Apple sank below $90 for the first time in nearly two years during trade , 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 US$89.47 in early trade before coming back to end the day off 2.4 percent at US$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 percent at US$713.31.
Apple ended the day valued at US$494.8 billion by market capitalization, while its Silicon Valley rival Google was just a bit shy of US$500 billion.
Apple shares have lost about 14 percent since the beginning of 2016 and are down one-third from the peak of US$132.54 one year ago.