Apple has lost its position as the world’s most valuable company, after a broad sell-off of technology stocks and a rise in the price of oil.

aapl logo green
Apple stock fell by around 5% on Wednesday to $146.50, down nearly 20% since the start of the year. Apple’s market capitalization dropped to $2.37 trillion.

Oil giant Saudi Arabian Aramco regained the top spot from Apple, a position it lost to the iPhone maker in 2020. Aramco’s stock has risen by more than 27% this year and profits doubled last year due to soaring oil prices. Aramco’s stock market valuation is now just under $2.43 trillion.

Investors have been selling shares in technology companies and cryptocurrency for less risky assets, following a move by central banks to increase interest rates in an attempt to offset the impact of rising prices.

Apple’s demotion to second most valuable company comes two weeks after it reported second quarter revenue of $97.3 billion, a new all-time record for the month of March. Apple saw growth across its ‌iPhone‌, Mac, Wearables, and Services product categories, but iPad revenue experienced around a 2% decline compared to the year-ago quarter.

Related Stories

Apple Reports All-Time or March Quarter Revenue Records Across All Categories Except iPad

Apple today its announced earnings results for the second quarter of its 2022 fiscal year, including revenue of $97.3 billion, a new March quarter record. Apple saw growth across its iPhone, Mac, Wearables, and Services product categories, but iPad revenue experienced around a 2% decline compared to the year-ago quarter. “We are very pleased with our record business results for the March…

Apple Was the Only Top Smartphone Vendor to Increase Shipments Year-Over-Year Last Quarter

Apple was the only top smartphone maker that saw a year-over-year increase in shipments in the last quarter, while Samsung, Oppo, Xiaomi, and others saw steep declines in their respective mobile smartphones. Apple yesterday announced record earnings for the March quarter, with more than $97 billion in revenue, beating expectations. Following the results, Strategy Analytics, Canalys, and IDC…

Apple Reports 2Q 2022 Results: $25.0B Profit on $97.3B Revenue, Best March Quarter Ever

Apple today announced financial results for its second fiscal quarter of 2022, which corresponds to the first calendar quarter of the year. For the quarter, Apple posted revenue of $97.3 billion and net quarterly profit of $25.0 billion, or $1.52 per diluted share, compared to revenue of $89.6 billion and net quarterly profit of $23.6 billion, or $1.40 per diluted share, in the year-ago quarter …

Apple Reports All-Time Quarterly Revenue Records for iPhone, Mac, Wearables, and Services

Apple today reported its earnings results for the fourth quarter of 2021, which corresponds with the first quarter of the 2022 fiscal year. Overall, Apple reported revenue of $123.9 billion, which is an all-time quarterly record for the company. On a category-by-category basis, Apple also set all-time quarterly revenue records for the iPhone, Mac, Wearables, and Services:iPhone: $71.6…

Apple Expected to Announce Record-Breaking March Quarter

Apple is set to report financial results for the second quarter of the 2022 fiscal year later today, and Wall Street is expecting record-breaking figures. On average, analysts forecast that Apple will set a new March quarter record for the company with revenue of $93.9 billion, according to Yahoo Finance. This revenue growth is expected to come from the iPhone, Mac, Services, and Wearables,…

Peloton Looking for Investor Like Apple to Buy 20% of Company

Peloton is looking for a major company like Apple or Amazon to buy a stake of around 20 percent in its business in an effort to improve the company’s fortunes amid dwindling demand for its products and fierce competition from services like Apple Fitness+, according to a report from Bloomberg. Sources believed to be familiar with the matter speaking to Bloomberg’s Mark Gurman and Ed Hammond…

50% of Customers Purchasing a Mac in Q2 2022 Were New Mac Users

Since the launch of the first Apple silicon Macs in November 2020, Apple has continued to see strong growth in Mac sales. Apple’s Mac revenue hit $10.4 billion in Q2 2022, up from $9.1 billion in the year-ago quarter. During today’s earnings call covering the second fiscal quarter of 2022, Apple CFO Luca Maestri said that the company has been growing its install base. There was a March…

Apple Briefly Becomes World’s First $3 Trillion Company

Apple briefly became the world’s first $3 trillion company today based on market capitalization, which is the total value of all of the company’s outstanding shares. The milestone came after Apple’s stock price rose over 40% in the last year. The impressive feat, which Apple achieved when its stock price reached the $182.86 mark during intraday trading, came just over 16 months after Apple be…

Popular Stories

Apple Releases New 4E71 Firmware for AirPods, AirPods Max and AirPods Pro

Apple today released a new 4E71 firmware update for the AirPods 2, AirPods Max, and AirPods Pro, up from the 4C165 firmware that was released back in December. Apple has also released new 4E71 firmware for the AirPods 3, up from the 4C170 firmware that was released in January. Apple does not offer information on what’s included in refreshed firmware updates for the AirPods‌, so we don’t…

Five Things You Still Can’t Do With a MacBook Pro

It’s been over 200 days since Apple debuted its redesigned MacBook Pro lineup. Offered in 14-inch and 16-inch display sizes, the new-look MacBooks wowed Apple fans and creative pros alike with their powerful custom Apple silicon, mini-LED screen, and multiple connectivity options. But there are still some things you can’t do with a MacBook Pro. Here are five features some Mac users are still…

Apple Launches Limited-Time Bonus Trade-In Credit for iPhone, iPad, Mac, and Apple Watch in Many Countries

Apple has launched a special limited-time offer for iPhone, Apple Watch, Mac, and iPad trade-in that offers customers additional credit when trading in their only device for a new one. The offer is being run in several countries including the US, UK, Germany, Spain, Italy, South Korea, Japan, Taiwan, China, India, and France. In the UK, Apple is offering up to £50 of extra trade-in credit…

Kuo: iPhone 15 to Switch From Lightning to USB-C in 2023

Apple will ditch its proprietary Lightning port and switch to USB-C on all or possibly some models of the iPhone 15 lineup destined to launch in the second half of 2023, Apple analyst Ming-Chi Kuo said today. Since the iPhone 5, Apple has kept the Lightning port on the iPhone, despite much of the industry moving to USB-C. In a tweet today, Kuo said that the latest supply chain survey…

Apple Discontinues iPod Touch

Apple today that announced it is officially discontinuing the iPod touch, an out of date accessory that has been replaced by other devices like the iPhone and the iPad. Apple says that it is eliminating the iPod touch because its capabilities are available across Apple’s product lineup. The iPod touch is the last remaining device in the iPod lineup, and it has not been updated since May…

Full Range of iPhone 14 Color Options Revealed by Purported Leak From China

The iPhone 14 and iPhone 14 Pro models will be available in a refreshed range of color options, including an all-new purple color, according to a recent rumor. The claim comes from a post on Chinese social media site Weibo by an unverified source and purports to reveal the full range of color options for Apple’s upcoming iPhone 14 and iPhone 14 Pro models. Compared to the selection of color…

iPhone 14 Pro Models Rumored to Feature Slightly Larger Screen Sizes

Apple’s upcoming iPhone 14 Pro and iPhone 14 Pro Max models will feature slightly larger screen sizes compared to the iPhone 13 Pro and iPhone 13 Pro Max, according to information shared by display industry consultant Ross Young. When measured as a standard rectangular shape, Young said the iPhone 14 Pro will have a 6.12-inch screen, compared to a 6.06-inch screen on the iPhone 13 Pro….

Hands On: Mission’s USB Power Cable Lets You Plug Your Apple TV Directly Into Your TV Set

If you hate cord clutter, then you’re going to want to watch our latest YouTube video, which highlights Mission’s USB Power Cable for the Apple TV because it lets you plug Apple’s set-top box right into a USB port on your TV. Subscribe to the MacRumors YouTube channel for more videos. Priced at $24.99, the USB Power Cable from Mission is a neat little accessory that lets you do away with your …