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Apple Falls in Ranks to #13 in Innovative Companies List Updated: 2013-02-13 05:54:59 KST

Apple CEO Tim Cook say the company's product magic is still deeply at work but it appears the rest of the world is beginning to disagree.

The iPhone maker has tumbled down a list of the "The World's 50 Most Innovative Companies".

The list, drawn up by American business magazine and website Fast Company, sees Apple dropping from number one to THIRTEEN in the space of just twelve months.

Even though Apple unveiled its iPhone 5, iPad-4 and iPad-mini in 2012, the company did not prove to be as innovative as it was in previous years, as it always ranked in the top five.

Korean tech giant Samsung Electronics came in at number 17.

Although the list mentioned the various patent lawsuits against Samsung, it praised the company's "more-advanced" and "better-selling" mobile devices.

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