Google passes Exxon to be No 2 US company

Written by Associated Press | New York | Updated: Feb 11 2014, 06:33am hrs
GoogleMarket capitalisation is the number of outstanding shares multiplied by their value. Reuters
Google has passed Exxon to become the second most valuable US company by market capitalisation.

According to FactSet data, the Internet company's market capitalisation surpassed that of oil company Exxon Mobil Corp. last week. As of Friday's market close, it sat at USD 395.42 billion compared with the oil company's USD 392.66 billion. Shares of Google Inc. have been on a steady climb since the beginning of 2013, gaining 66 percent.

Market capitalisation is the number of outstanding shares multiplied by their value.

Meanwhile, Exxon's have risen just 5 per cent. Since the beginning of this year, they've lost about 10 per cent of their value.

Both companies trail Apple Inc.'s market capitalisation of USD 463.55 billion.