Apple, whose iconic products such as the iPhone, iPod and iPad have changed the global technology landscape, has been named the world’s most valuable company.
The tech giant saw its brand value soar 28 percent to $98.3 billion in 2013, according to a report released Monday by Interbrand, a brand consulting company owned by the Omnicom Group.
Google ranked second at $93.3 billion, while the Coca-Cola name slipped from the top spot after 13 years to third place at $79.2 billion.
The annual report ranks 100 companies that have a presence in at least three major continents and publicly available financial information.
A company’s value is determined by its financial performance and brand loyalty.
“Every so often, a company changes our lives -- not just with its products, but with its ethos,” Interbrand Chief Executive Jez Frampton said in a statement.
Apple CEO “Tim Cook has assembled a solid leadership team and has kept Steve Jobs’ vision intact -- a vision that has allowed Apple to deliver on its promise of innovation time and time again.”
Apple's growing brand value has coincided with a slide in the company's share price as investors fret over slowing sales and profit growth.