In a recent article on CNNMoney, Google has overtaken Exxon Mobil as the 2nd most valuable company in USA.
The search engine giant has a market capitalization of almost $395 billion, compared to a market value of about $392 billion for Exxon.
According to CNNMoney, “shares of Google are on a tear, having risen 52% in the past year. The tech conglomerate has continued to thrive even as more mature tech companies such as Microsoft, IBM, Oracle, and Cisco struggle to find new growth opportunities.”
So now that Google is in second place, some investors may be wondering if the company can one day pass rival Apple to become the most valuable company in the U.S. Apple, worth about $465 billion, is the most valuable company in the U.S.
Apple still has a sizable lead. But Google has all the momentum. Shares of Apple are down more than 7% this year, largely due to disappointment about the company’s earnings outlook. Google, on the other hand, wowed investors with its latest results.
In the recent announcement of its Q4 2013 results, the company reported revenue of $16.86 billion and $3.37 billion in net income. Non-GAAP earnings per share came in at $12.01 and GAAP EPS was $9.90.
According to Larry Page, CEO of Google, “We ended 2013 with another great quarter of momentum and growth. Google’s standalone revenue was up 22 percent year on year, at $15.7 billion”. ”We made great progress across a wide range of product improvements and business goals. I’m also very excited about improving people’s lives even more with continued hard work on our user experiences.”
