Apple removed Google Maps as a default application on iPhone and iPad with the release of iOS 6 and replaced it with its own in-house application. The Apple maps app was quickly panned by users for its many flaws, prompting Apple CEO Tim Cook to issue a public apology and promote alternative mapping applications in the App Store.
For months, Google has been rumored to be working on a new maps app for iOS. That app was released just before midnight on Wednesday and soared to the top of the free apps list in the App Store just a few hours later.
Aside from all the positive press Google is getting, the new maps app gives Google an opportunity to generate additional revenue by including local ad listings in the app.
Google's stock has been hovering around the $700 mark throughout the past week, after falling below that milestone in mid-October following a disappointing earnings report from the company that leaked early.
As of publication, Google's stock had dipped back down somewhat and was trading around $704 a share, up about 1% on the day. Apple's stock, meanwhile, was down more than 1%.