Apple becomes the most valuable company in the world
Apple - the firm behind the iPhone, iPod and iPad -has become the world's most valuable company.
The company has forged ahead of energy conglomerate Exxon Mobil on Wall Street.
The Scotsman reports that the California-based firm’s value has reached $366 billion - about $1bn ahead of Texas-based Exxon Mobil.
“The valuation marks a remarkable turnaround for a company that was teetering on the brink until chief executive Steve Jobs returned to resuscitate the enterprise he co-founded.
“Apple has already left rivals in the electronics sector trailing in its wake. It overtook Bill Gates' Microsoft, the previous number two, last year.”
It is now being predicted that Apple might reach another milestone next year - becoming the world's largest technology company by revenue - surpassing Hewlett-Packard.
In its latest quarterly report from Apple said stronger iPhone and iPad sales had helped it more than double its net income to $7.31bn and grow revenue by 82% to $28.6bn.
International companies that vie for the most valuable spot in the world include PetroChina Co, the publicly traded unit of China's biggest oil and Gas Company, and Petrobras, Brazil's state-controlled energy company.
The last time that rival company Microsoft last occupied the number one spot in 1999.
For over five years, Exxon Mobil has been number one as a result of higher oil and gas prices.