IT firm Apple became the most valuable company in the world on Tuesday when its market capitalization exceeded Exxon Mobil.
Its market capitalization closed $363.69 billion despite a 2.8 percent drop, while Exxon was at $331 billion, which was the result of a 4.4 percent decline of its shares, which closed at $68.03.
Exxon held the top spot since 2005, which Apple became second in May 2010 when it overtook Microsoft.
One factor in favor of Apple is that it introduces new technology produces at an average of every three years, while Exxon has limited growth prospects because of its heavy reliance on oil prices and new oil discoveries.
Given its record, Apple – which launched the iPad in 2010 – would likely roll out another new gadget in 2013.
Source: www.gidilinks.com