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Google Now Ranks No. 2 Behind Apple As The 2nd Most Valuable Company In America
Bloomberg.com reported today Google has moved ahead of Exxon Mobile Corp to become the second most valuable company in America following Apple.
According to Bloomberg, Google’s market capitalization totals $393.5 billion, representing less than a billion more than Exxon’s $392.6 billion, but $72 billion behind Apple’s market value of $465.5 billion.
As the world’s largest online advertiser, Bloomberg notes Google’s rise is a reflection of the technology industry taking a larger role globally:
Technology companies are establishing themselves as key players worldwide as they disrupt industries from retail to finance. Google, which went public in 2004 – 84 years after Exxon – has benefited from consumers moving to online services and content, a trend that’s being accelerated by the growing population of smartphones and tablets.
Bloomberg’s report goes on to say Exxon has been “under pressure” since last month when the Texas-based oil company reported a 16 percent decrease of net income ($8.35 billion) and 3.3 percent ($110.86 billion) drop in sales. Google, on the other hand, reported an 11 percent rise in revenue, claims Bloomberg, topping the company’s projected revenue of $13.4 billion.
“While shares of Exxon have fallen more than 11 percent this year, Google’s are up 3.5 percent through yesterday,” wrote Bloomberg reporter Brian Womack.