It is no secret that currently, the US economy is not exactly at its greatest, well it has been suffering for the past three years now. But somehow tech companies are able to keep themselves afloat which is definitely true with Apple. Two days ago, Apple briefly became world's most valuable company edging out ExxonMobile, an American multinational oil and gas corporation. Briefly as in a few minutes. ExxonMobile still came out on top by the end of the trading day.
But yesterday, Apple was able to pull ahead of Exxon and for the first time became the world's most valuable company. As of this writing, the fruit company's market cap stands at $337.17 billion and has a $6 billion lead over Exxon which has a $330.77 billion market cap.
Market cap is one of the main criteria to measure a company's value. For sure it won't be long before Exxon closes the gap and gain its lead over Apple again, since of course, oil is a far more important commodity than our iPhones, iPods and Macs. But still, this is still considered to be a highly impressive feat for the Cupertino company. A tech company overtaking a big oil company? That's a scenario that one can't imagine even in their wildest dreams, but somehow Apple was able to pull it off.
Another thing that makes this feat remarkable is the fact that this is the same company that was about to be bankrupt 14 years ago. Apple has managed to turn things around with their new flagship operating system the Mac OS X. The company also entered the industry of telecommunications with their highly successful iPhone and is now also the world's number one mobile phone manufacturer.
Apple is now more successful than ever and with the imminent release of the iPhone 5, the company is looking to keep its momentum and be at the top of their game. [via TUAW]Contact Us for News Tips, Corrections and Feedback