Apple is World's Most Valuable Company Again
Apple Inc. once again became the most valuable company in the world on Wednesday morning, reclaiming its title from Exxon Mobil.
Apple, based in Cupertino, Calif., has a market cap of about $419 billion while Exxon Mobil has a market cap of about $415 billion.
Shares of the tech company jumped minutes after the start of trading following record first quarter earnings reported Tuesday afternoon. The stock increased 6.6 percent to $448.139 around noon ET. Exxon Mobil's shares were down 1.3 percent to $86.03.
Exxon Mobil had claimed the title of biggest public company from Apple on Oct. 27, the Wall Street Journal reported.
In Apple's first quarter, which ended Dec. 31, sales of the iPhone doubled the previous year's numbers for the same period, blowing away Wall Street's expectations.
Apple sold approximately 37 million iPhones and 15.4 million iPads in the last three months of last year. The company's first-quarter profit more than doubled to $13.1 billion, up from $6 billion a year ago. Sales rose 73 percent to $46.3 billion from $26.7 billion for the same period in 2010. Apple had a reported $127.8 billion in sales during the 2011 calendar year.