Apple became the most valuable technology company in the world on Wednesday, overtaking long-standing rival Microsoft.
At the close of trading on the NASDAQ exchange Apple had a market capitalisation of $222 billion, nudging it ahead of Microsoft’s $219 billion. Market capitalisation is calculated by multiplying share value and the total number of shares.
Apple has revolutionised the consumer electronics market in the last decade, during which its share price has grown by a factor of ten.
By comparison, Microsoft shares are down 20 percent compared to ten years ago.
According to Thomson Reuters data, it is the first time Apple has had a higher market value than Microsoft since December 1989.
Microsoft does however lead Apple in terms of sales. Figures from their most recent respective quarterly reports showed Microsoft on $14.5 billion compared to Apple’s $13.5 billion.
The impending international release of the iPad could impact these results in the near future.