Now Apple Inc became the first company with $700 billion which is an American multinational corporation company head quartered in Cupertino, California. After Shares rose 1.9 percent to close at $122.02, lifting Apple’s market value to $710 billion.
Apple now sits at a massive $710,000,000,000 market cap which is twice the size of Microsoft and largely beating oil-giant Exxon, who is in second-place at $385 billion. Apple’s stock has been roaring back to life after Apple’s record iPhone sales smashed analyst estimates, the company has been giving more money back to shareholders, and it reached a $100 billion cash reserve. The record came as Tim Cook Apple’s CEO when he was speaking at the Goldman Sachs conference 2015.
Earlier critics and analysts raised doubts that Apple could fend off competitors like Samsung and other companies but as per now Apple’s record on Tuesday comes two weeks after it reported earnings of $18 billion on revenue of $74.6 billion during the holiday quarter.
Market value is common for investors to measure how much a company is worth. It is determined by multiplying the company’s shares outstanding by its stock price. Apple has 5.82 billion shares outstanding, multiplied by the closing price of $122.02.