Apple overtakes Microsoft as No.1 tech company

20:33, May 27, 2010      

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The Apple iPhone 3GS is shown at the company's retail store in San Francisco, California in this June 19, 2009 file photo. (Xinhua/Reuters)

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.

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

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 dollars in revenue compared with Apple's 13.5 billion dollars.

Source: Xinhua
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