Apple first US company to breach US$800b mark
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