Apple becomes world's most valuable company

Apple Inc. has become the most valuable company in the United States, surpassing Exxon Mobil Corp. Based on the value of its stocks, Apple priced at $363.69 per share for a total market capitalization of $337.2 billion. ExxonMobil's stock price dropped to $68.03 per share yesterday leaving the petroleum major with a valuation of $330.8 billion. Acquiring the number one position, while largely symbolic, is a huge milestone for Apple, which has come a long way since the 1990s, when it struggled to stay afloat before Steve Jobs returned to the firm. Exxon has been the most valuable company since 2005, while Apple took the number two position in May 2010 when it eclipsed Microsoft Corp. Although briefly (since stock markets are subject to fluctuations) Apple managed to acquire the top spot for the first time. The day however closed with Exxon with a market cap of $348.32 billion and Apple at a close $346.74 billion. Apple's upward trajectory has been smooth ever since and more so since the introduction of its iconic products iPod in 2001, followed by the iPhone in 2007 and the iPad last year. Apple's net income grew 70 percent to $14 billion while its revenues went up by 52 percent to $65 billion in 2010. Culturally too, Apple has captured popular imagination of people the world over. A study by NetRatings has established that the average Apple consumer is more affluent and more well-educated than other PC company consumers.