Apple stock price falters, Exxon becomes world's most valuable company

Despite record iPhone sales last quarter, Apple CEO Tim Cook has watched the company's stock plummet 37 percent since September. (AP)

According to an Associated Press report, Exxon Mobil Corp. is now the world's most valuable company, surpassing Apple Inc. after the company saw its largest one-day percentage drop in earnings on Thursday.

Before today, Apple had held the top spot for the world's most valuable company since early 2012, but concerns over growing costs and fierce competition in the marketplace has caused the company's shares (AAPL) to plummet nearly 37 percent since September and 17 percent in 2013.

Apple's current market capitalization has fallen to $413.7 billion, nearly $3 billion below Exxon whose stock price (XOM) moved to $91.48 Friday, a gain of 13 cents.

On Tuesday, Apple released a lukewarm forecast of iPhone sales despite reporting a record 47.8 million in iPhone sales last quarter, and the news was unsettling for investors. Google and Samsung have made considerable strides in the smartphone market by offering more affordable devices to consumers.