World Business

Apple overtakes Microsoft as No 1 tech company

(Xinhua)
Updated: 2010-05-27 14:44

The Apple iPhone 3GS is shown at the company's retail store in San Francisco, California in this June 19, 2009. [Xinhua/Agencies]

BEIJING: Apple Inc overtook Microsoft Corp to become the world's most valuable technology company on investors' optimism it can keep adding customers for its iPhone, Macintosh computer and iPad, according to media reports Thursday.

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As of Wednesday, Apple's shares rose 2.8 percent on Nasdaq, pushing its value to $222.12 billion while Microsoft was valued at $219.18 billion. The only American company valued higher is Exxon Mobil, with a market capitalization of $278.64 billion.

Microsoft, with its Windows and Office software franchises, has dominated the computer technology market for almost two decades. The last time Apple had a higher market value than Microsoft was Dec 19, 1989, according to Thomson Reuters Datastream.

"It is the single most important turnaround that I have seen in Silicon Valley," said Jim Breyer, a venture capitalist who has invested in some of the most successful technology companies.

Microsoft still leads Apple in sales. In the latest quarter, Microsoft reported $14.5 billion in revenue compared with Apple's $13.5 billion.