Earlier today, Apple gave up its number one spot on the list of the world’s most powerful company to Exxon. This happened due to the Cupertino giant’s decrease in share prices this week, allowing Exxon’s market capitalization to surpass Apple’s.
According to Larry Dignan from ZDNet:
“The news isn’t that surprising. Not that Apple is bad or anything—its profits are simply amazing. It’s just that when analysts are tripping over themselves to give Apple a $1,000 stock target and a $1 trillion market cap it’s time to bail.”
However, Exxon’s joy is short-lived, because – as TiP’s own Kyle Frost discovered – Apple’s market cap has just slipped back up above the huge fuel company’s, meaning that once again our favorite technology company is the world’s most powerful company.
Want proof? Here’s Exxon and Apple’s updated information (as of 3:35 EST).
Kyle Frost on Twitter: @TiP_Kyle