Yesterday was a red letter day for Apple. Apple has been on a meteoric rise from a company value standpoint, and that shows no signs of stopping any time soon. Just last year, Apple rose into the top ten of most valuable companies in the world. Apple’s passed Microsoft as the most valuable tech company in the world; yesterday, just briefly, Apple passed Exxon as the most valuable company in the world thanks to a surge in stock prices.
Thanks to record revenues and enthusiastic customers, Apple’s stock prices drove the company to record heights yesterday, enabling the Cupertino company to pass Exxon as the most valuable company in the world as measured by market capitalization before things settled down. By the close of trading, Apple was worth $346.7 billion while Exxon was worth $348.3 billion dollars, but the writing is on the wall. Apple is going to take the title from Exxon–maybe not on a permanent basis, but it will definitely hold the title of world’s largest company for more than a few hours before all is said and done. It’s all thanks to three things: the iPad, the iPhone, and China’s lust for Apple.
“On the iPad side, they’re so far ahead of the market that none of the Android or other tablet competitors have really made much of a dent in their market share,” said analyst Charles Golvin, with Forrester Research. “‘Tablet is still essentially synonymous with iPad.”
Tags: apple, exxon, market capitalization, apple passes exxon for most valuable company title, most valuable company in the world, apple worth 6.7 billion, apple briefly passes exxon in market cap value, apple beats exxon, apple versus exxon, exxon worth 8.3 billion, Charles Golvin, Forrester Research