Google has overtaken Apple as the world's most valuable technology brand in an annual ranking published by consultants Brand Finance.
Apple is one of a number of brands to see their valuations, as determined by Brand Finance, fall in this year's list.
The consulting firm determined Apple's brand was worth $38.7 billion less than in the 2016 list.
Google's brand was valued at $109.5 billion, up from $88.2 billion a year ago. The value of Apple's brand has fallen from $145.9 billion to $107.1 billion over the same period, according to the list.
Brand Finance chief executive David Haigh said Apple has struggled to maintain its technological advantage, with new versions of the iPhone delivering "diminishing returns".
"Apple has been living on borrowed time for several years by exploiting its accumulated brand equity. This underlines one of the many benefits of a strong brand, but Apple has finally taken it too far," he said.
Mr Haigh was also scathing about the brand valuation for photo sharing app Snapchat.
Its parent company Snap Inc plans to list on the New York Stock Exchange and has indicated an initial valuation of between $19.5 billion and $22 billion. Brand Finance estimates Snapchat's brand is worth $1.7 billion.
"The brand value is relatively low because of low revenues and margins and an unproven ability to monetise the platform substantively. Snapchat has made its name by delivering posts which are here one minute and gone the next. Its users appreciate its ability to make their photos disappear, but over-excited investors certainly won’t feel the same about their cash," Mr Haigh said.
