On the day that they launch their iPad in Australia Apple has finally toppled Microsoft as the No. 1 ICT company, after its market capitalisation surpassed the software giant’s market cap yesterday. Apple’s market cap hit US$221 billion, as Microsoft’s slipped to $219 billion – less than half the $556 billion Microsoft was worth in 2000.
Apple Overtakes Microsoft To Take Top IT Slot
That not only made Apple the world’s most valuable technology company in the world. It also made it the second-largest US stock by market value, behind oil company Exxon Mobil, worth $$278.6 billion.
Apple’s shares closed at $244.11 as the company prepared for today’s international launch of its iPad tablet, which should add more billions to its annual revenue. The shares have more than doubled in the past year.
They have come a long, long way since they slipped below $10 in 1997 shortly before Steve Jobs returned to the company and transformed it with a strong line of innovative products, including the first iMac (1998), the iPod music player (2001), the iPhone (2007) and now the iPad tablet
Analysts note Apple has also almost caught up with Microsoft in terms of revenue. In fiscal 2000, Microsoft’s revenue of US$22.9 billion was roughly three times Apple’s. This fiscal year, Microsoft is expected to generate revenue of $61.65 billion and Apple $59 billion.
CEO Jobs last month said second-quarter profit almost doubled and sales soared 49 percent on demand for the iPhone. The results don’t yet include the iPad, launched in April.
Microsoft shares closed at $25.01 yesterday, down 4 percent. It was the seventh straight day of declines for Microsoft, its longest streak of losses since February 2007.
Current market caps of some other IT industry leaders include Hewlett-Packard, $107 billion; Intel, $115 billion; Google, $157 billion; and IBM, $158 billion.