Most valuable company title reclaimed by Apple

Most valuable company title reclaimed by tech giant

Apple Inc. became the most valuable company once again after surpassing the market cap of oil giant Exxon Mobil on Wednesday.

A day after Apple's record first quarter earnings was reported, the tech company's shares jumped. Its stocks rose 6.65% to end at $448.5 a share, putting its market cap at $418 billion.

Exxon Mobil's shares, meanwhile, declined to give it a market cap of $415 billion.

Cupertino, Calif.-based Apple announced Tuesday that net income in its latest quarter more than doubled, while revenue grew 73 percent.

"We’re thrilled with our outstanding results and record-breaking sales of iPhones, iPads, and Macs," said CEO Tim Cook in a statement. "Apple’s momentum is incredibly strong, and we have some amazing new products in the pipeline."

More than half of Apple’s revenue for the quarter came from iPhone sales for the first time since they hit the market. The number of iPhones sold reached 37 million, generating over $24 billion in revenue.

Apple first topped Exxon as the most valuable company in August, then fell back to second place. The Irving, Texas-based oil and gas giant had held the top spot since 2005.