Infrastructure

Home page

Infrastructure

Apple becomes world’s most valuable company

10 August 2011 09:30 (UTC +04:00)

Baku â€“ APA-Economics. Technology giant Apple is likely to be crowned the world’s most valuable company tomorrow after briefly stealing the title from ExxonMobil today as stock markets on Wall Street rebounded, Telegraph reported.

The market capitalisation of the manufacturer of iPad and iPhone touched $341.5bn (Â£210bn) during afternoon trading, just eclipsing Exxon as Apple’s shares jumped 3.5pc to $365.13.

Exxon starts trading tomorrow without a dividend which analysts say should depress the company’s share price.

The toppling of Exxon caps a remarkable 14 years for Apple, which Steve Jobs pulled back from the edge of bankruptcy in 1997 when he again took the helm of the company he co-founded in his garage in the late 1970s.
A string of products, starting with the iPod, have established the company’s dominance in the world of consumer electronics and helped the company deliver $7.3bn of profits last quarter.

"Apple is the company when it comes to innovating in technology," said Colin Gillis, a technology analyst at BGC Partners.