August 9, 2011: A landmark day in Apple’s history when a technology company managed to overtake oil giant ExxonMobil in terms of market capitalization and become the most valuable company in the world.
Just 15 years ago, Apple was so close to collapse that no one could have imagined such a revival of the company. A series of near-perfect decisions by Steve Jobs to launch new products produced excellent results. The iMac G3 initially appeared in the late 1990s, followed a few years later by the widescreen iMac G4, iPod, Apple Store, iPhone, iTunes, iPad, and many other products.
As they progressed successfully, Apple’s rating began to rise in the stock market. In January 2006, it bypassed Dell, whose founder had threatened to shut down Apple and return the money to its shareholders. Then in May 2010, it overtakes Microsoft, which had dominated the previous decade, and by August 2011, it was close to ExxonMobil.
The meteoric rise of Apple
Apple posted a 124% increase in earnings after reporting record earnings for the previous quarter. And the fall in oil prices lowered ExxonMobil’s performance.
These two events allowed Apple to break into the lead for a short time, when its market capitalization reached $337 billion, while ExxonMobil had $334 billion.
To date, Apple is well ahead of ExxonMobil. At the time of writing, ExxonMobil’s market capitalization is just over $184 billion, while Apple has already crossed the $1.8 trillion milestone and is now approaching $2 trillion.
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