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Apple is most valuable company of all time

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Apple's the tops

Move over Microsoft, there's a new record holder in town.

Apple, Inc. became the most valuable public company of all time Monday as its share prices soared to $664.74 (£423.17), translating to a market value of $623.14 billion (£396.69).

This surpasses Microsoft's previous record of $620.58 billion (£395.99) set in 1999.

Apple closed at $665.15 (£423.42), giving it a market value of $623.52 billion (£366.93), setting a record for a closing figure as well.

Taking over

Apple overtook Exxon Mobile as the world's most valuable company last year, but thanks to Monday's price jump, Apple' got its name in the record books.

Forbes dug up some more interesting info on Apple's rise as well, finding the Cupertino company made $39.2 billion (£2.49) in the first quarter compared to Microsoft's $17.41 billion (£11.08).

However, iPhone sales alone amounted for $22.7 billion (£11.4) in revenue, trouncing Microsoft's total sales figure.

Apple's stock price jump is likely tied to anticipation over the September release of the iPhone 5 and possible release of the iPad Mini.

Via Reuters and BGR