Google overtakes Microsoft to become 2nd most valuable tech company
Posted on Thursday, October 4th, 2012 at 5:21 pm
On Monday, Google Inc. surpassed Microsoft Corp. to become the world’s second-largest technology company behind Apple. The Washington Post reports that Google’s stock rose 0.7% to $759.98 for a market capitalization of about $249.2 billion. Microsoft, however, dropped 0.3% to $29.67 a share, for a market capitalization of about a $248.7 billion.
One of the main reasons for this is that the internet’s increasing abilities and features are reducing the need for more complicated software (Microsoft’s forte) to be installed on computers. In addition, Google’s search advertising business has grown immensely and there has been a lot of hype over its growing wireless program. With all of this knowledge, Google’s stock price has risen 48% in the last year alone.
In May 2010, Apple became the world’s largest technology company when it overtook rival Microsoft. Apple still sits high above the competition, but Google’s rapid growth and new projects on the horizon may mean that there could be some competition for the top spot in the coming years.