Apple became the world’s most valuable company based on stock value for sometime.
As fears of a double dip recession scared markets, ExxonMobil lost its top position briefly with a total market capitalisation of $330.8bn, while Apple ended trading with its stock priced at $363.69 per share for a total market capitalization of $337.2bn, according to an AFP report.
ExxonMobil’s stock price slipped to $68.03 per share as markets turned volatile.
Last year, Apple overtook Microsoft to become the largest US technology company based on market cap.
Apple’s rise is attributed to CEO Steve Jobs contribution and its new range of products starting from iPods to iPads, with iPhones in between. This year, Apple has forayed into the cloud computing business with its iCloud service, which is expected to grow sales for other products and services.
Sterne Agee analyst Shaw Wu has called Apple’s growth the "ultimate platform adopting story," adding that Apple’s market shares could double or even triple in the next few years, according to a report by Apple Insider.
"We believe AAPL has opportunity to double or potentially even triple its market share in these end markets over the next few years, particularly with Greater China and international as underpenetrated opportunities," Wu said.
"We think the beauty with the AAPL platform story is the company doesn’t need to win over everyone to continue success. The company just needs to continue winning a fair share of its vast end markets as more users get the AAPL advantage of ‘it just works better.’"
