Apple takes most valuable company crown from Microsoft

Published:  21 Aug at 9 AM

Apple, the computer and gadget designer and manufacturer, has just beaten Microsoft to the crown of most valuable firm of all time. Apple is already the most valuable company on the planet, but with a market value of an estimated $623 billion it has just beaten the previous record set in 1999 by Microsoft of $620.58 billion.

The price of Apple’s shares has risen on news that the giant is about to launch its iPhone 5 and could be developing a cheaper, more compact version, of its iPad tablet computer.

Shares in New York have risen by 2.6 per cent, or $17, to $665.15 each.

Although the firm has taken the crown from rival Microsoft it currently faces a number of challenges. The financial crises and dampened consumer confidence in major markets such as Europe could result in a fall in demand for Apple products.

The current strength of the dollar also means that goods being sold overseas are more expensive for consumers. Apple is also being challenged by rival electronic gadget firms including Samsung, which has launched the Galaxy S3, and HTC which is challenging the iPhone with its One X smartphones. There are currently rumours that Apple may be developing a television set.