By: Aseem Gaurav on August 10, 2011
It is a historic day for California-based technology giant Apple as it has quietly overtaken Exxon Mobil Corp. in market value to become the world’s largest company.
Apple with a market cap of $342 billion is a tad ahead of Exxon Mobil at the moment.
Apple’s market value had risen considerably after its stellar quarterly results. On the other hand, the value of Exxon’s has fallen harder due to a market slowdown and depressed oil prices.
Only few could have predicted the growth that the company has witnessed in the last one decade when the company took a chance and rehired its former chief executive Steve Jobs. The recent gravity-defying growth in Apple underlines the immense popularity of Apple products across the world. A decade back, the Cupertino, Calif.-based company was at No. 287 in terms of market cap on the S&P 500, and last year it overtook Microsoft to claim the No. 2 spot.
Given the company’s expansion plans in overseas markets, analysts say the company has more headroom to grow.
