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Bryan M. Wolfe
| August 2, 2013
Apple Is Once Again The World's Most Valuable Company
Apple is again the world’s most valuable company by market capitalization. On Thursday, Aug. 1, the company took the crown away from Exxon Mobile, according to Fortune. According to the report:
Apple's market cap was boosted by a $56 (14%) surge in July, a gain that was softened by a stock repurchase plan that reduced its number of outstanding shares in fiscal Q3 by 23.5 million. Exxon was hurt by falling oil prices and a disappointing earnings report.Apple is expected to refresh its entire iOS device lineup in the coming weeks, which should add to the financial gains the company has made in recent weeks. In the past 30 days, Apple’s share price has risen 15.2 percent. Since announcing better than expected third quarter earnings on July 23, Apple has seen a share price gain of 9 percent. Exxon, meanwhile, has seen its shares jump just 2.4 percent since July 1. As Fortune notes, this isn’t the first time Apple has retaken the market capitalization lead from Exxon. This has also happened here, here, here, here, and here. For more, see: Apple's Biggest News On Tuesday Had Nothing To Do With Previous iPhone Sales, Apple's iPhone Sales During The Holiday Quarter Could Top Record 62 Million Units, and Apple's Next iPad mini To Feature Retina Display From Samsung, Says WSJ.