Apple has, at least for the moment, taken the place of Exxon Mobile as the most valuable company in the world, measured by market cap, reports MacRumors. Apple’s market cap hit $341.55 billion in valuation today, while ExxonMobil was valued at $341.42 billion.
The exchange in places of the top two valued companies in the world took place as Apple and Exxon both fell off of their market highs during the down-turn in the stock market as a result of the recent downgrade of the USA’s S&P rating.
Apple’s record high of $404 per share was hit just last week, although it has fallen 8% to 368.40. ExxonMobil took a deeper hit, falling 20% to $70.21 allowing Apple to creep ahead.
Apple’s revenue amounted to a staggering $28.57B in its third quarter, reported last month. With earnings of $7.79/share and a gross margin was 41.7%, Apple’s achieved a net profit in Q3 was $7.31B.
Apple sold a massive 20.34M iPhones, up 142% year over year, and 9.25M iPads last quarter, bringing iPad sales up 183% year over year as well. Apple sold 3.95 million Macs during the quarter, bringing sales up 14% when compared to the same quarter a year ago.
Apple’s third quarter revenue was up from Q2 and blew away Wall Street estimates. Thomspon Reuters estimates of Apple’s Q3 had placed overall revenue at $24.9B, with earnings of $5.80/share, while Moskowitz called for sales of $27.42B with earnings of $6.58.
Apple has been absolutely killing it with the success of the iPhone and the continued growth of the Mac. The company’s market cap has grown over $50 billion in the last few weeks, allowing it to come within shooting distance of ExxonMobil when the downturn allowed it to creep ahead.