updated 04:15 pm EDT, Thu August 14, 2008
Apple passes Google cap
Apple has overtaken Google in a key industry metric, figures show. Apple's market capitalization -- a measurement of share price multiplied by the amount of outstanding shares -- reached $158.84 billion on Wednesday, beating Google, whose cap at the time was $157.23 billion. The news is significant mainly due to the clout of Google, which closed with a share value of $500.03 on Wednesday, even though the companies are comparatively similar in size.
Although Apple stock was worth only $179.30 by the end of yesterday, the company's cap was still higher, due to having more outstanding shares. Both companies are said to pale next to other tech giants in terms of cap however, as IBM is rated at $170.44 billion, and Microsoft is valued at $254.83 billion.