Apple shares soar, edges ExxonMobil in market cap

Jan 25, 2012
Apple shares soared on Wednesday following blockbuster quarterly earnings and the California gadget-maker leapfrogged over ExxonMobil to become the largest US company in terms of market value.

Apple shares soared on Wednesday following blockbuster quarterly earnings and the California gadget-maker leapfrogged over ExxonMobil to become the largest US company in terms of market value.

Apple shares were up 6.83 percent at $449.12 in early trading on Wall Street, giving the maker of the , iPad, iPod and a of $418.94 billion.

shares were down 0.75 percent at $86.53.

The oil giant's market cap -- the number of shares outstanding multiplied by the stock price -- stood at $415.33 billion.

Apple first surpassed ExxonMobil in market value in August of last year and the two companies have been jockeying back and forth since then.

Apple dethroned US software giant Microsoft in May 2010 to become the largest US technology company in terms of market cap.

Apple stock has risen steadily over the past few years on the release of a string of hit products starting with the iPod in 2001, followed by the iPhone in 2007 and the iPad in 2010.

Apple reported record earnings on Tuesday in the first quarter since the October death of founder Steve Jobs.

Apple's net profit more than doubled in the first quarter of fiscal 2012 to a record $13.06 billion while revenue soared to an all-time high of $46.33 billion from $26.74 billion a year ago.

Apple said it sold 37.04 million iPhones in the quarter which ended on December 31, up 128 percent from a year ago, and 15.43 million iPads, a 111 percent increase.

Apple sold 5.2 million Macintosh computers in the quarter, up 26 percent, and 15.4 million iPods, a 21 percent decline from a year ago.

Explore further: Sony faces 4th ex-employee lawsuit over hack

add to favorites email to friend print save as pdf

Related Stories

Apple tops PetroChina in market capitalization

Sep 24, 2010

Apple, maker of the Macintosh computer, the iPod, iPhone and iPad, surpassed Chinese oil giant PetroChina during trading on Thursday to become the world's second-largest company in terms of market value.

Apple doubles iPhone sales in 1Q (Update)

Jan 24, 2012

The iPhone is taking over Apple. For the first time, the device that changed how people use mobile phones, accounts for more than half of the behemoth company's sales.

Recommended for you

Sony faces 4th ex-employee lawsuit over hack

3 hours ago

A former director of technology for Sony Pictures Entertainment has sued the company over the data breach that resulted in the online posting of his private financial and personal information.

Sony tells AFP it still plans movie release

4 hours ago

Sony Pictures boss Michael Lynton denied Friday the Hollywood studio has "caved" by canceling the release of "The Interview," and said it still hoped to release the controversial film.

2012 movie massacre hung over 'Interview' decision

17 hours ago

When a group claiming credit for the hacking of Sony Pictures Entertainment threated violence against theaters showing "The Interview" earlier this week, the fate of the movie's big-screen life was all but ...

Clooney slams skittish Hollywood after Sony hack

Dec 19, 2014

Film star George Clooney slammed the Hollywood movie industry for failing to stand up against the cyber threats that prompted Sony Pictures to cancel release of the movie "The Interview."

User comments : 2

Adjust slider to filter visible comments by rank

Display comments: newest first

blazingspark
not rated yet Jan 26, 2012
I don't understand the point of this article and the comparisons given seem fairly useless and heavily biased. That's all I have to say on this.
kaasinees
1 / 5 (1) Jan 26, 2012
ExxonMobil is competing with Apple now? wow, i geuss mobil stands for mobile!

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.