Apple first eclipsed the oil giant’s market cap briefly in 2011, and the companies traded the top spot until Apple’s shares spiked early last year, driving the iPad and iPhone maker to a record $656 billion market cap during the summer, TechWeekEurope noted.
At the close of last week’s trading, Exxon had a market value of $418 billion, while Apple’s worth had fallen to $413 billion.
Apple shares hit a high of over $700 in September. However, concerns over its ability to maintain its share of the smartphone market, and a series of public missteps — including the release of the glitch-prone Apple Maps app — caused investor confidence to erode, sending its shares tumbling.
Last week, Apple released record quarterly sales and earnings that still fell short of Wall Street’s inflated expectations, sending Apple sales down even further.
Shares of Exxon slipped about 1% in Monday morning trading, while Apple shares climbed more than 1%.