Google now second-largest US firm, passing Exxon

Google has passed Exxon to become the second most valuable US company by market capitalisation.

The internet company’s market capitalisation surpassed that of oil company Exxon Mobil last week, according to FactSet data.

As of Friday’s market close, it sat at US $395.42bn compared with the oil company’s $392.66bn.

Shares of Google have been on a steady climb since the beginning of 2013, gaining 66%.

Market capitalisation is the number of outstanding shares multiplied by their value.

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

Both companies trail Apple’s market capitalisation of $463.55bn.