Google has passed Exxon to become the second most valuable U.S. company by market capitalization.
According to FactSet data, the Internet companyโs market capitalization surpassed that of oil company Exxon Mobil Corp. last week. As of Fridayโs market close, it sat at $395.42 billion compared with the oil companyโs $392.66 billion.
Shares of Google Inc. have been on a steady climb since the beginning of 2013, gaining 66 percent.
Market capitalization is the number of outstanding shares multiplied by their value.
Meanwhile, Exxonโs have risen just 5 percent. Since the beginning of this year, theyโve lost about 10 percent of their value.
Both companies trail Apple Inc.โs market capitalization of $463.55 billion.
Associated Press