August 11, 2011
Is Apple The World’s Most Valuable Company?
Apple became the world's most valuable company on Wednesday, surpassing even Exxon Mobil.
The company became the world's most valuable firm on Tuesday also, but dropped below Exxon before the close of trading.
However, Apple managed to stay in the top spot at the close of Wall Street for the first time on Wednesday.
Its stock price dropped to $363.69, making it worth about $32 billion more than Exxon.
Apple has been in the second spot since May of last year when it overtook Microsoft.
Exxon has limited growth prospects due to its reliance on oil prices and new oil discovery, while Apple can continue to find growth with new technology.
Apple introduces a new product about every three years, which would mean it is on track to have another break-through innovation in 2013.
Apple made $7.3 billion on $28.6 billion in revenue with 46,600 employees last quarter.
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