Apple most valuable company in US

10 Aug 2011

Consumer electronics giant Apple has edged out Exxon Mobil to become the most valuable company in the United States, new figures show.

Apple’s stock gained 3.2pc, increasing to just more than US$364 yesterday afternoon, bringing its capitalisation to about US$338bn.

Share of Exxon Mobil, which is the world’s largest publicly traded international oil and gas company, were trading at US$69.45, a decrease of almost 1pc. The figure gives Exxon Mobil a market cap of US$337.7bn.

Apple has been going from strength to strength with the popularity of it iPhone smartphone and iPad tablet computer. The company will grow if it keeps making products consumers want, according to investors’ expectations.

Exxon Mobil’s growth prospects, meanwhile, are more limited, driven by fluctuating oil prices and new oil discoveries.