Apple's disappointing earnings report has cost it some bragging rights: Thanks to declining stock shares, the company had a market value of $412.7 billion as of midday. That means Exxon Mobil regains the title of "world's most valuable company" at $417.5 billion, the AP reports. Apple took over the No. 1 spot in August 2011 and at one point—in September of last year—had a value north of $650 billion, reports Mashable. That's the highest in history.
"Since then, however, Apple's stock has been plagued by iPhone 5 sales concerns, a shakeup in the company's executive leadership, and increasing competition in the smartphone and tablet markets, most notably from Samsung," writes Mashable's Seth Fiegerman. Adds an analyst: "It's a reality check on inflated expectations." (Read more Exxon Mobil stories.)