Google restored its supremacy as the most valuable company in Silicon Valley yesterday, after being overtaken by Apple for a day.
Owing to huge surges in Apple’s stock, which have seen share prices rise 44 per cent over the past 12 months, Apple’s market capitalisation overtook Google’s for the first time this week, before Google fought back.
By close of trading on Wall Street on Wednesday, Apple was worth an estimated $158.8bn (£85.3bn) – a fraction above Google, which presided over a market cap of some $157.2bn (£84.5bn). Last night, Google restored its position with a value of $158.95bn (£85.4bn).
Strong sales of Apple’s iPhones, and continuting demand for its iMac and iPod designs have fuelled its rise in fortunes. On 21 July, in its third quarter results, Apple revealed it had sold 2 496 000 computers over the quarter, a 43 per cent growth in revenue year-on-year. Over the same period it sold 11 010 000 iPods.
Sales of the 3G iPhone are increasing all the time. The latest estimate is that sales have already topped the 3 million unit mark since launch.
Meanwhile, Google’s Android phone is rumoured to be launching in the UK on 17 September, over the T-Mobile network.