Ap­ple first US com­pany to breach US$800b mark

New Straits Times - - Business / World -

SAN FRAN­CISCO: Ap­ple Inc be­came the first United States firm with a mar­ket value of more US$800 bil­lion (RM3.48 tril­lion) as in­vestors bet the next iPhone will spur a resur­gence in sales.

The stock rose one per cent on Tues­day to close at US$153.99 in New York, giv­ing it a mar­ket cap­i­tal­i­sa­tion of about US$803 bil­lion. The shares have gained 33 per cent since the start of the year, helped by a buy­back pro­gramme that chief ex­ec­u­tive of­fi­cer Tim Cook ex­tended to to­tal US$210 bil­lion last week, from US$175 bil­lion last year.

Ap­ple’s rise to the top of the world’s largest eq­uity mar­ket high­lights the emer­gence of mo­bile tech­nol­ogy and the rel­a­tive de­cline of the oil in­dus­try in re­cent years. Exxon Mo­bil Corp’s value peaked in the fall of 2007, when oil prices climbed to­wards US$100 a bar­rel. In Novem­ber of that year, PetroChina Co briefly be­came the first global com­pany with a mar­ket cap­i­tal­i­sa­tion of more than US$1 tril­lion.

Ap­ple’s rev­enue grew in the most re­cent fis­cal quar­ter even as iPhone unit sales fell. Cook has sought to di­ver­sify the com­pany away from the smart­phone, em­pha­sis­ing higher-mar­gin ser­vices and in­tro­duc­ing new prod­ucts. Bloomberg

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