Apple is on fire. The company just released revenue numbers yesterday that blow predictions and estimates out of the waters. Not to mention, an interesting observation was made. Apple had sold more iPhones than babies born everyday in its first fiscal quarter. The effect of such a great announcement? Shares soared 7 percent passing $450/share and opening with a market cap of nearly $419 billion. Exxon, on the other hand, started off with a $413 billion market cap. In other words, Apple was once again the largest
U.S. company in the world.
Now this is nothing new. These two major companies have been close in value for some months now. Last August, Apple held the title of world’s largest company – for a few hours. Before the end of the day, the oil guys had taken back the title. Same thing happened today. Apple closed at 416.38B while Exxon took back the crown with 418.06B.
However, with Apple’s impressive portfolio and rumors of big device announcements this year, expect the company to claim the title in the near future. Let’s just see if they’ll be able to hold on to it for a day, or more.