Apple topples Exxon as world’s most valuable company

10th August 2011

The market capitalisation of the manufacturer of iPad and iPhone touched $341.5bn (£210bn) during afternoon trading, just eclipsing Exxon as Apple's shares jumped 3.5pc to $365.13, adds the Daily Telegraph.

The report adds that Exxon starts trading tomorrow without a dividend which analysts say should depress the company's share price.

The toppling of Exxon caps a remarkable 14 years for Apple, which Steve Jobs pulled back from the edge of bankruptcy in 1997 when he again took the helm of the company he co-founded in his garage in the late 1970s.

A string of products, starting with the iPod, have established the company's dominance in the world of consumer electronics and helped the company deliver $7.3bn of profits last quarter.

It is not the first time a technology company has occupied the pre-eminent position in investors' eyes; Microsoft and Cisco Systems have both held the crown before, adds the Financial Times (paywall).

Meanwhile, Facebook, which is preparing to make a $1bn (£610m) initial public offering this year, is still the most popular of its kind in the country and accounts for just over half (50.1pc) of all internet visits to social networks, adds a separate report in the Daily Telegraph.

However, it has slipped from its 53.7pc share of the UK market in June – a "significant loss", according to research company Experian Hitwise.

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