NEW YORK (
) -- Tech's most beloved stock,
Apple
(AAPL) - Get Report
, surpassed energy giant
Exxon Mobil
(XOM) - Get Report
in market capitalization on Tuesday to become the most valuable company in the world.
Just past midday, as
Apple shares were continuing their upward trajectory
by 4%, the company's market cap -- or share price multiplied by its number of shares outstanding -- clocked in at about $341.5 billion, slightly above Exxon's $341.4 billion.
|
Exxon is still a significantly larger company than Apple in terms of revenue, with sales in 2010 of $383 billion compared with Apple's $65 billion.
Last year, Apple surpassed
Microsoft
(MSFT) - Get Report
to become the most valuable tech company by market cap
at a valuation of $222 billion.
The Cupertino, Calif., company's growth keeps flowing as it continues to release must-have consumer electronic devices like the iPhone and iPad.
The latest version of its iPhone
will likely be released this fall
.
--Written by Olivia Oran in New York.
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