Microsoft passes Exxon Mobil as 2nd most valuable company

Technology Associated Press

Microsoft has surpassed Exxon to become the second-most valuable company in the world.

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Exxon's shares have been falling recently, along with the price of oil.

Microsoft's shares have been rising since October. That month, the software company reported strong fiscal first-quarter results as its cloud computing business grew.

The companies swapped places Thursday, when Exxon's market capitalization dipped to $400.8 billion from $403.9 billion the day before.

In afternoon trading Friday, Microsoft Corp. shares rose 20 cents to $49.81, giving it a market capitalization of $410.5 billion. Exxon Mobil Corp. shares rose 24 cents to $94.90, giving it a market capitalization of $401.9 billion.

Apple Inc. remains the world's the most valuable company. The iPhone maker has a market capitalization of $668.2 billion.