It’s official now. Ipad trumps big oil. Here’s the story from the Richmond Times Dispatch:
Its lineup of sleek phones, computers and iPods, irresistible to customers even in tough economic times, propelled it to the No. 1 position by market value Wednesday, surpassing Exxon Mobil. Apple’s stock on the open market is now worth more than any other company’s.
Apple’s stock fell for the day, but Exxon’s fell more. Apple finished with a market value of $337 billion, beating Exxon’s $331 billion. A single share of Apple stock now costs $363.
Apple occupies a rarefied spot once held by General Electric and Apple’s own rival Microsoft. Exxon had held the top spot since 2005.
The power shift is a substantial milestone for Apple, which has enjoyed a triumphant comeback since the 1990s, when it struggled to stay afloat before its co-founder Steve Jobs returned to take the helm.
But it’s not just the comeback. Gleacher & Co. analyst Brian Marshall says Apple is giving investors something that has never been seen before. Apple’s numbers are huge, with $30 billion in revenue in the latest quarter, for example. Yet Marshall said the 35-year-old company is “growing like a startup.”
“Even in 2008 and 2009 Apple grew like a weed and the world was coming to an end,” Marshall said.
Apple grew its net income 70 percent to $14 billion and its revenue 52 percent to $65 billion in the fiscal year that ended last September. A year earlier, even as other companies — though not Exxon — were reeling from the economic meltdown, Apple’s earnings grew 35 percent and its revenue 14 percent.
Apple wasn’t always a tech darling. The company, known as Apple Computer Inc. when it was founded in 1976, was on a steep decline before Jobs returned in 1997.
With Jobs as CEO, Apple is known for dreaming up gadgets that people don’t think they need until they get their hands on them — or see friends and relatives with them. There were music players, smartphones and tablet computers before Apple introduced the iPod, the iPhone and the iPad. But the Apple gadgets’ sleek, minimalist design and intuitive software have garnered them a loyal following among tech geeks and everyday consumers alike.
People still love Apple products without thinking about the company financials. Our very own Slowpoke has admitted that if Jobs came to him and said buy iRubberDogCrap he would be lining up to do it. No self respecting kid would have anything less than an ipod. All sorts of people who otherwise shouldn’t have to top smart phone on the market have an iphone. I resisted the ipad for 2 months, before I leveraged my soul to get one. Confession, I was waiting to be able to get the 3G capability. The alpha models were only wi-fi. I pretended to be showing great self restraint…until the 3Gs came out. Who out there loves Apple products and who has resisted?
Last quarter Apple grew by 82%. Exxon grew by 41%. Let’s hear it for the powere of the mouse. What will they come up with next?
I love my iPad. But I could never afford to buy a Mac computer. Interestingly, it’s their iPads, phones and pods that are restoring that company, not their desk- or laptops.
@starry, I agree about the imac. That is an expensive computer. I went PC about 15 years ago simply because I could get a PC for about the same thing I could get a replacement motherboard. n The parts were just too proprietary.
And I agree about all the toys and those are what made Apple soar like an eagle. As long as they stay out in front of the competiton, they will continue to soar. Its hard to imagine where they could go from here. What hasn’t been invented yet?
So when are we going to hear about a “windfall profits tax” on Apple?
I would rather hear about a huge dividend for stock holders. Why wasn’t that a choice? I want door # 4. @ pokie
That’s right….they’re sitting on their cash! So where’s the talk about “windfall profits tax” If it’s good for big oil, it’s good for Apple!
You are barking up the wrong tree if you are trying to bait me. I intentionally own stock in oil companies. Occiental, Chevron and Exxon. Go where the money is. @pokie
By intentionally I mean with malice and forethought. I don’t mean in a mutual fund. Not even counting that.
@Moon-howler
I, for one, welcome our computer overlords. Skynet is coming!
What R skynet??????? Should I be afraid?
IThurs. PO carbonite, the online storage that I like so much. I use it for backup. It is seamless. Load it once and forget it. It almost got pulled because of the rocky road.
It should do well. As far as I have experienced, it is a great product. As more and more people keep more of their life online, and more of them lose data when a hard drive fails, the more universal back up programs will become. It is encrypted also, for privacy.