Business

Google passes Exxon, is now No. 2

NEW YORK — Google Inc. has passed Exxon to become the second-most-valuable US-based company by market capitalization.

According to FactSet data, the Internet company’s market capitalization surpassed that of the oil company Exxon Mobil Corp. last week. As of Friday’s market close, it sat at $395.42 billion, compared with the oil company’s $392.66 billion.

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Shares of Google 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.

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Meanwhile, Exxon’s shares have risen just 5 percent. Since the beginning of this year, they’ve lost about 10 percent of their value.

Both companies trail Apple Inc.’s market capitalization of $463.55 billion.

Associated Press

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