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Business

Apple dethrones Microsoft as world's top tech company

Text by News Wires

Latest update : 2010-05-27

Apple Inc shot past Microsoft Corp as the world's biggest technology company based on market value on Wednesday, the latest milestone in the resurgence of the maker of the iPhone, which nearly went out of business in the 1990s.

AFP - Apple, maker of the Macintosh computer, the iPod, iPhone and iPad, dethroned software giant Microsoft on Wednesday as the largest US technology company in terms of market value.

Microsoft shares shed 4.07 percent on Wednesday to close at 25.01 dollars, dropping its market capitalization -- the number of shares outstanding multiplied by the stock price -- to 219.18 billion dollars.

Apple shares lost 0.45 percent meanwhile to close at 244.05 dollars, giving the company a market value of 222.07 billion dollars.

The only US company with a larger market capitalization than the Cupertino, California-based Apple is ExxonMobil at 278.64 billion dollars.

Apple stock has risen steadily over the past few years as chief executive Steve Jobs, who returned to Apple in 1997, piloted the release of a string of hit products starting with the iPod in 2001, following by the iPhone in 2007 and the iPad this year.
 

Date created : 2010-05-27

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