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Apple Overtakes Microsoft
Apple has overtaken Microsoft as the number one technological company in the world. A position once monopolized by Microsoft for several years.
According to recently released Quarter 1, 2011 financial results, the company recorded its highest iPads, iPhone, and Mac sales ever. The company revenue for the stated period, Q1'11, grew by 71% to $26.74 billion and quarterly net profit stood at around $6 billion. The Apple iTunes store alone generated $1.1 billion in revenue. During the period, the company sold 7.33 million iPads, and an astounding $10.74 billion worth of iPhones.
Though the distinction is merely a milestone, it culminates an amazing turnaround for Apple, which was given up for dead in 1997, when Apple founder Steve Jobs returned as CEO. Apple is now the second most valuable company in the United States after Exxon Mobil.
In September, 1997, when Jobs returned as CEO, Apple shares traded at $5.49 per share. The stock has surged 4,346 percent and now trades at $244.11 per share. Over the last five years, Apple's stock has grown about 600 percent while Microsoft's managed a modest 5 percent growth.
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