Bloomberg.com reported today Google has moved ahead of Exxon Mobile Corp to become the second most valuable company in America following Apple.
According to Bloomberg, Google’s market capitalization totals $393.5 billion, representing less than a billion more than Exxon’s $392.6 billion, but $72 billion behind Apple’s market value of $465.5 billion.
As the world’s largest online advertiser, Bloomberg notes Google’s rise is a reflection of the technology industry taking a larger role globally:
Technology companies are establishing themselves as key players worldwide as they disrupt industries from retail to finance. Google, which went public in 2004 – 84 years after Exxon – has benefited from consumers moving to online services and content, a trend that’s being accelerated by the growing population of smartphones and tablets.
Bloomberg’s report goes on to say Exxon has been “under pressure” since last month when the Texas-based oil company reported a 16 percent decrease of net income ($8.35 billion) and 3.3 percent ($110.86 billion) drop in sales. Google, on the other hand, reported an 11 percent rise in revenue, claims Bloomberg, topping the company’s projected revenue of $13.4 billion.
“While shares of Exxon have fallen more than 11 percent this year, Google’s are up 3.5 percent through yesterday,” wrote Bloomberg reporter Brian Womack.