Though Apple is the world’s most valuable company, it may not be for much longer. Alphabet, aka Google, reached a market valuation of $533.4 billion, briefly surpassing Apple’s valuation of $532.7 billion on a 1 percent stock drop.
A new report released by CNN yesterday noted that Apple’s place in being the world’s most valuable company will soon be replaced by tech giant, Google. Apparently Google’s parent company, Alphabet, already moved ahead of Apple for the first time on Monday afternoon. Alphabet shares were up 2% Monday afternoon, which gave it a market valuation of approximately $533.4 billion whereas Apple shares fell more than 1%, which decreased its market value to approximately $532.7 billion. Although they surpassed the Cupertino-based company midday Monday, Apple managed to close out the day with a market value of $534.6 billion and Alphabet capped at $530 billion.
Alphabet shares dropped shortly after, leaving Apple at a higher valuation, but the numbers could shift again tomorrow following Alphabet’s first financial earnings report this afternoon. Alphabet is expected to announce overall revenue growth of close to 15 percent with a 20 percent increase in earnings per share.
Apple CEO Tim Cook had announced last week that iPhone sales will likely drop in the current quarter, so it doesn’t seem likely that shares for the company will increase too much. Rumors were circulating the web claiming the company’s iPhone 6s and iPhone 6s Plus were not selling too well even though Apple noted otherwise. But it seems that to some extent, previous speculation turned out to be true since a year ago today, the company’s valuation was at $775 billion compared to the now $540 billion, which marks a huge difference.
Google Surpasses Apple as World’s Most Valuable Company in the world