(Reuters) – Tesla Inc was the biggest loser among top companies by market capitalisation in April, hit by disappointing quarterly earnings after it posted the lowest quarterly gross margin in two years.
Tesla’s market cap dropped to $520.7 billion at the end of April from $657.5 billion in March, a 20.8% decline, pushing it to 9th in the rankings from 7th in January.
Graphic: Change in market cap in April https://www.reuters.com/graphics/GLOBAL-MARKETS/zgvobykokpd/chart.png
It was followed by China’s Tencent Holdings , whose market cap fell 10.7% to $419.9 billion last month, amid heavy selling by technology investment firm Prosus.
On the other hand, Apple Inc and Microsoft Corp saw their market values jump after robust first-quarter earnings.
Saudi Aramco, the world’s third-most valuable company, saw its market capitalisation jump to $2.2 trillion in April, a 12.5% increase over March.
(Reporting by Patturaja Murugaboopathy and Gaurav Dogra in Bengaluru; Editing by Mark Potter)
