Apple’s market cap: $774bn. ExxonMobil’s market cap: $377bn
Apple is on a mission to make history this year.
Last month, Apple reported a net profit of $18bn, the biggest quarterly profit ever made by a public company.
Then on February 10, Apple became the first company in history to surpass the $700bn barrier.
And now, the tech goliath is officially twice as big as oil giant ExxonMobil, the world’s second-largest listed company.
On Monday, Apple shares soared by 2.7% to close at a whopping $133. So now Apple’s market value is *drumroll please* $774bn.
Apple also gained from ExxonMobil loss as the company saw its stock fall 1% to $89.01. The oil company is now valued at $377bn.
The Wall Street Journal has pointed out that the last time the biggest company by market value was worth at least double the second-largest was 30 years ago.
From 1984 to 1985, IBM’s year-end value was more than twice of ExxonMobil, which was coincidentally the next-largest company at the time.
Apple CEO Tim Cook hinted last month that he expects to see the tech giant rise meteorically this year.
“We don’t believe in such laws as laws of large numbers. This is sort of an old dogma that was cooked up by somebody,” he said at a conference in January.
“Steve [Jobs, the co-founder of Apple and former chief executive] did a lot of things for us over many years but one of the things he ingrained in us is that putting limits on your thinking is never good.”
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