Bangalore: Apple has lost its top position as world’s most valuable company, following slide down in its share value, reports CNet.

As of Friday morning, last week, Apple’s share value was down by more than $11 to around $439, which in turn pulled down the company’s capitalization below $412 billion. On the other hand, ExxonMobil, an American multinational oil and gas corporation, saw a 16 percent gain in stock price which pushed up its market cap to $417.2 billion, on the way replacing Apple from its market cap leadership position.

The iPhone maker and the gas company have been fighting it out for the top position since from 2011 and at that time Apple’s market cap was about $337 billion. But thanks to Apple’s string of good quarter performances, its share value rose to $705 and in August 2012, it had become most valuable company with market cap of $622 billion.         

Over the past six months Apple’s share value is down by $136.24 or 23.7 percent and since from the beginning of 2013, shares are further down by $17.56.

Apple generated $54.5 billion revenue during the 13 week fiscal period that ended on December 29, in fact Apple’s highest quarterly revenue ever. The company posted a profit of $13.1 billion on a record 47.8 million iPhones and 22.9 million iPads sold.

However Apple’s share value seems to be inversely connected to its corporate performance.  And investor seems to be worried over the company loosing ground too fast to its rivals like Samsung and others.

Despite those issues and the declining stock price, Apple might soon regain its standing as the world's most valuable company: a total of 53 analysts have combined to set Apple's 12-month target share price at $647.18. At that level, Apple would easily overcome Exxon Mobil to regain its lost position.

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