Look, these things are not the be-all, end-all for business performance, but obviously market capitalization reflects investors’ expectations concerning Apple’s future performance. The iPhone maker last Friday hit a 52-week low and as a result ceded its top spot as the world’s most-valued publicly traded corporation to the oil giant Exxon.
AAPL shares have slowly been recovering since and today has surpassed the oil conglomerate for a second time in after-hours trading. The Cupertino firm now leads Exxon with a $10 billion market cap difference, but is Apple’s valuation sustainable in the long run?
Despite Apple’s record holiday quarter earnings, investors continue to punish the Apple stock which has took quite a beating since Tuesday’s earnings report. As the stock continues to slide, Apple on Friday hit a new 52-week low, becoming worth less than Exxon Mobil and ceding the top spot to the oil corporation.
As of this writing, Exxon Mobil was worth about $1 billion more than Apple. Though Apple was briefly ahead, Exxon has reclaimed the lead. The situation is changing by the second so we’ll have to wait until the end of trading today to see who emerges victorious…