Apple is knocked off as world's most valuable brand

Apple CEO Tim Cook
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Apple CEO Tim Cook

Apple, the most valuable brand in the world for the past five years, has yielded the top spot to Google, according to a new report.

The iPhone maker's brand value has plummeted 27 percent to $107 billion since the start of last year, according to Brand Finance's Global 500 2017 report. Google's brand, however, is now worth $109 billion, making it the most lucrative in the world. It is the first time the search giant has topped the list since 2011.

After Google and Apple are Amazon, AT&T and Microsoft.

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Google's place as the dominant search engine safeguards its stream of advertising revenue, which increased 20 percent last year. The uptick occurred even though marketers are paying less for page views generated by those searching online.

Apple, meanwhile, is losing its grip on some tech-crazed consumers. The Apple Watch has not been the moneymaker the company had hoped it would become. A company that was once renowned for its innovation is not signaling that it has another unique product coming anytime soon. And Apple's list of competitors in the smart phone space is continuing to grow, the report says.

This week, however, Apple showed that its signature iPhone still has the potential to be a profit machine, buoying investors.

Meanwhile, Google's parent company Alphabet reported this month that its fourth quarter revenue soared 22 percent, largely propelled by mobile search, video ads, and its expansion in newer business lines like cloud computing. The company posted revenue of $26 billion during that three month period. And it reported net income of $5.33 billion, or $7.56 per share.

While technology was dominant among the world's most valuable companies, the banking industry was next in having the most lucrative brands, followed by the telecom sector, retail and the car industry.