Apple is the World’s Second Most Valuable Company

Apple fanboys ! Good news for you. Your most beloved company is the world’s second most valuable company after Exxon Mobil and it is the most valuable tech company and Microsoft is in the second spot. Apple is just $48 billion dollars away from becoming the most valuable company in the world.

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The company announced on Tuesday that it sold 20.34 million iPhones and 9.25 million iPads in the second quarter of 2011, up by 142% and 183% respectively. That translated to a quarterly record revenue of $28.57 billion and a record net profit of $7.31 billion.

Apple’s shares increased by more than 4%  to $394. That is a market capitalization of $364 billion. Even after this growth, Apple continues to be in the second spot. Last year, Apple surpassed Microsoft to become the most valuable tech company with a market cap of $223 billion. Exxon Mobil’s net worth at that time was $281.5 billion. The oil giant is worth an whooping $412 billion as of today.

Can Apple beat Exxon to the top spot ? That is a little difficult since Energy plays better than consumer electronics in a dire economic situation. But Apple is in a safe position of being the most valuable tech company and  its nearest competitor, Microsoft will find it difficult to get to that spot again.

Both Exxon Mobil’s and Apple’s shares are increasing in a decent rate, these companies might continue breaking revenue and profit records. So until something drastic happens over at Exxon or Apple, the current scenario will last long.