Amazon replaces Apple as the top-valued firm
Amazon replaced apple as the world's top firm-based on market valuation. That despite a 15 per cent drop in its stock, with the e-commerce giant valued at $299.3 billion, according to the brand finance global 500 report.
Apple slipped to the second spot and is now worth $297.9 billion after a 16 per cent fall in its market value. Google occupies the third spot, with its market capitalisation at $281.4 billion.
While the gap between these firms is only a few billion, 2023 is expected to be a tough year for the tech giants, with costs cuts including massive layoffs amidst the threat of a global recession.
Amazon's net worth has dipped a little over $50 billion, with the lines blurring on a rebound amidst gloomy global economic expectations and people returning to shop in person. Amazon's brand value has risen 36 per cent since the pandemic, with the firm expanding into new business sectors.
But the consultancy report showed a fall in amazon's brand strength rating as easing covid-restrictions the world over has led to shoppers returning to physical stores, weighing on online retailers.
The study also showed customers are now less inclined to suggest amazon to others. their view of the company's customer service has taken a hit from longer wait for deliveries.
On the other hand, apple's drop to the second place was primarily because of the company's projection of lower revenue from disrupted global supply chains which have resulted in a shortage of raw materials and labour.
While Alphabet-owned Google's net worth made it the third most valued firm, it earned the crown of being the world's strongest brand, according to the report.
Chinese electric vehicle maker BYD Auto emerged as the fastest-growing brand.