Around 6 months ago, Apple’s stock price was trading at about $700. Now their stock price is at about $420 per share. As a result, Apple’s market cap is now at $394.48 billion. This caused them to become less valuable than Exxon Mobile Corporation, which is currently valued at about $400 billion.
Apple initially shot past the $400 billion mark in early 2012 when they reported a record-breaking holiday quarter at the end of 2011.
Apple hit a peak in September when the iPhone 5 was released in the U.S. Investors have been worried about Apple’s production capabilities and doubted the company’s ability to innovate beyond their current lineup of iPhones and iPads. Apple announced more record-breaking revenues in the 2012 holiday quarter, but investors still were not impressed.
Making matters worse for the company, Apple is facing a lawsuit from a major shareholder and they saw a reduced penalty award from Samsung.