Apple closes at more than $700 billion in market value being the first company to do so
On Tuesday afternoon, Business Insider reported that Apple just became the world’s first $700 billion company. Shares of Apple closed at $122.02, a new split-adjusted all-time high for the iPhone maker.
At this price, the company’s market capitalization is around $705 billion, making it the first company to close a trading session with a market cap above $700 billion. At this level, Apple is more than twice the size of Microsoft.
This new record high in Apple comes two weeks after the company reported a monster fourth quarter in which it sold more than 74 million iPhones and a record $18 billion in profit.
With Apple’s latest gains, the stock is now up more than 60% in the last year.
Wall Street Journal said that Apple’s market value is nearly double each of the next three largest companies on the S&P 500 index. Exxon Mobil Corp. is second to Apple with a market cap of about $385 billion; Berkshire Hathaway Inc., with its two classes of stock, is third at $370 billion; and Microsoft Corp. is fourth at $349 billion, according to FactSet.
Article originally from businessinsider.com and wsj.com
Thumbnail image from shutterstock.com
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