Customers wait outside the Apple store in Munich before the start of sales of the iPad2 (AP Photo).
SAN FRANCISCO – Culture-changing technology outshined crude oil on Wednesday with iPhone and iPad maker Apple eclipsing ExxonMobil as the most valuable company in the world based on the value of its stock.
Despite an overall dismal day on the stock exchange, Apple ended trading with its stock priced at $363.69 per share for a total “market capitalization” of $337.2 billion.
ExxonMobil’s stock price slipped to $68.03 per share to give the international petroleum giant a valuation of $330.8 billion.
Apple dethroned software giant Microsoft in May of last year to become the largest US technology company in terms of market cap — the number of shares outstanding multiplied by the stock price.
Apple stock has risen steadily over the past few years as chief executive Steve Jobs piloted the release of a string of hit products starting with the iPod in 2001, followed by the iPhone in 2007 and the iPad last year.
Apple’s ascension to most valuable company was seen as remarkable given that the California company was floundering and seemingly heading into oblivion before Jobs returned to the helm about 15 years ago.