Apple now twice as large as the world’s second biggest company
Apple’s unrivalled growth has hit new levels, with the iPhone maker now more than twice as large as the world’s second biggest company, Exxon Mobil.
With September’s iPhone 6 release having prompted record-breaking iPhone sales towards the end of 2014, Apple’s share prices have jumped to stratospheric new heights in recent weeks.
When paired with the recent slump in oil prices, the Cupertino-based company has further extended its valuation gap over Exxon.
At the close of play yesterday, February 23, Apple’s shares were up 2.7 per cent to $133, taking the company’s market cap to a staggering $765 billion (£496bn).
At the same time, Exxon Mobil’s shares dropped 1 per cent to $89.01, shrinking the company’s market cap to a meagre $374 billion (£243bn).
According to the Wall Street Journal, it has been 30 years since the world’s largest publically listed company was valued as more than twice as much as its closest competitor.
Back in the early ‘80s, IBM extended its valuation gap over Exxon by a massive 140 per cent.
Related: iPhone 6S release date
Despite Apple’s share prices having already risen 21.7 per cent this year alone, the company’s big new product is still yet to hit retailers.
The Apple Watch is set to go on sale with prices starting at a premium $349.
With many predicted the Apple Watch will help turn smartwatches into a mainstream proposition, the company’s share price could yet rise further.