New Delhi: Internet search giant Google has pipped Apple to become worlds most valuable brand, as per media reports.
As per Brand Finance Global 500 ranking Apple’s brand value dropped 27 percent to $107.1 billion over 2016 while that of Google rose by 24 percent to $109.5 billion.
Google’s advertising revenues went up 20 percent in 2016.
Google has remained “largely unchallenged” in its core search business, the report added.
However, it is not that bad a news for Apple. The Cupertino-headquartered company reported a bigger-than-expected rise in iPhone sales for the holiday quarter but forecast current-quarter revenue below estimates as customers hold back on phone upgrades in anticipation of the launch of the 10th-anniversary iPhone.
Apple sold 78.29 million iPhones in the first quarter ended December 31, up from 74.78 million last year, marking the first quarterly growth in iPhone sales in a year.
The results, which reflected the first full quarter of iPhone 7 sales, come at a time when global demand for smartphones is slowing and cheaper Android alternatives are flooding the market.