Microsoft is now the second most valuable company in the world, right behind Apple

Microsoft’s recent moves and drastic changes, which resulted in strong quarterly earnings, has earned it the rank of second most valuable company, right behind Apple. The company saw its market value increase and reach $410 billion yesterday, which was enough to surpass Exxon Mobil, the previous holder of the second-most valuable company.

The company saw its stock value increase more than 30 percent in the last year, as it underwent a series of changes. Under the leadership of CEO Satya Nadella, the company has made several dramatic moves. In addition to making its productivity suite Office available for free on rival platforms, the company also announced the layoffs affecting 18,000 employees, and chopped Nokia’s ambitious Android lineup. Earlier this month, the company also launched its first smartphone Microsoft Lumia 535, and an Android emulator for Visual Studio.

The company’s share rose to hit $50.04 yesterday, its highest point since early 2000, giving it a market capitalization of $410.5 billion. Exxon Mobil shares are now valued at $94.90, giving it a market capitalization of $401.9 billion. Apple maintains its title of being world’s most valuable company with a market capitalization of about $662 billion.