updated 02:15 pm EDT, Wed July 22, 2009
Apple Passes Goog Mkt Cap
The stock market rally following Apple's record quarterly results has pushed its market cap past that of Google, according to financial tracking data. As of Wednesday afternoon, the combined worth of all of Apple's stock is about $140 billion, or just past the roughly $135 billion of the search engine giant. The milestone comes even as Apple has had a steeper short-term recovery; the company dropped from near the $200 mark last year to as low as $78 in February, or half its current value.
Google has had a softer fall in share price from roughly $510 a year ago to about $425 today, but has had less success with its market cap as its high price has meant significantly fewer shares actually being purchased. The three-month average trading volume for Apple is about 18.9 million shares, or nearly six times as much as Google's 3.2 million.
A large part of the most recent share rush can be attributed to analyst recommendations in the wake of Apple's results. These have highlighted strong iPhone sales as well as better-than-expected Mac sales that defied expectations of an industry-wide decline. Google has posted more modest gains and still depends almost exclusively on web ads for revenue rather than Android or other projects. [via Newsweek]