Microsoft has surpassed Exxon to become the second-most valuable company in the world.

Exxon’s shares have been falling recently, along with the price of oil.

Microsoft’s shares have been rising since October. That month, the software company reported strong fiscal first-quarter results as its cloud computing business grew.

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The companies swapped places on Thursday, when Exxon’s market capitalisation dipped to $US400.8 billion from $US403.9 billion the day before.

In afternoon trading on Friday, Microsoft Corp. shares rose 20 cents to $US49.81, giving it a market capitalisation of $US410.5 billion. Exxon Mobil Corp. shares rose 24 cents to $US94.90, giving it a market capitalisation of $US401.9 billion.

Apple Inc. remains the world’s the most valuable company. The iPhone maker has a market capitalisation of $US668.2 billion.