Apple is no longer the most valuable company in the world.
Apple shares on Thursday fell to a two year low of $90 amidst concerns over the slowing sale of iPhones.
Google‘s parent firm, Alphabet, has overtaken Tim Cook’s Apple as world’s most valuable company as a result.
Apple’s stock price fell 3.3% to $89.47 in the afternoon, leaving its market valuation at $494bn. However, it recovered slightly later on, closing 2.4% down at $90.34.
Sales of iPhone, especially in Asia, has slowed down and there are no major new product releases scheduled. In addition, Apple’s shares had been on the decline since its Q1 result showed slowing demand.
Apple is vying with Alphabet for the spot of the most valuable firm in the world.
Alphabet claimed the spot in February after reporting its 2015 financial results, but had fallen back below Apple in the following weeks.