Apple’s market capitalization inched above Microsoft’s Wednesday afternoon for the first time to become, at least on paper, the biggest technology company around. While the Internet filled with reports that Apple is now bigger than Microsoft, the Redmond-based Windows maker still brings in more money each year and reports higher revenue, too.
Apple’s market cap value climbed up to US$222.12 billion compared to Microsoft’s $219.18 billion. Apple’s stock closed on Wednesday at $244.11, compared to Microsoft’s $25.01 closing price.
The steady upward climb Apple’s stock has been showing comes from the company’s strong product lineup and investor’s expectations for consumer purchases.
The iPod lineup, for example, has been a strong seller and has given Apple a market dominating position in the portable media player market. The iPhone burst into the smartphone market and began eating into other cell phone maker’s marketshares almost immediately, and investors have high expectations for the next generation model, expected to be announced during Apple’s World Wide Developers Conference keynote presentation on June 7.
While investors are pleased with the iPhone’s performance, they’re also excited about the prospects for the company’s new iPad multimedia tablet device. Apple has already sold over a million units since its April 3 launch in the U.S., and it will be available in several more countries on May 28.
The iMac is still a strong seller and Apple’s recently updated MacBook Pro and MacBook are favorites as well. With the company’s annual back to school promotion underway, the iMac and laptop lineup will likely continue to be popular.
There’s no doubt that Apple is a successful technology company and has been performing well even during a weak economy. While Microsoft is still an overall bigger company, investors and Apple fans are no doubt pleased to see the Cupertino company’s market cap inch up to make it look bigger, at least on paper.
Apple is currently trading in the pre-market at $249.14, up 5.03 (2.06%).