Date
18 August 2017
Strong sales of iPhone 6 helped Apple post a record quarterly profit and fuel a jump in its market valuation. Photo: Bloomberg
Strong sales of iPhone 6 helped Apple post a record quarterly profit and fuel a jump in its market valuation. Photo: Bloomberg

Apple market value tops US$700 bln, hitting new record

Apple Inc. on Tuesday became the first US company to close with a market capitalization above US$700 billion, notching a new milestone in its heady history.

The tech giant’s shares ended at US$122.02 in New York trading, giving it a market value of US$710.7 billion, more than double that of Microsoft Corp.

The iPhone maker had crossed the US$700 billion mark in intraday trading in November and last week but had not closed at that level until now.

Apple’s market value far outstrips that of second ranker Exxon Mobil Corp., which currently has a valuation of US$385.4 billion, the Wall Street Journal noted.

The company is riding high from a staggering holiday quarter in which it sold a record number of iPhones and reported US$18 billion in profit, also a record for a US firm.

China, where revenue rose 70 percent, is helping to fuel a jump in sales.

Apple, meanwhile, said it is investing US$848 million in a solar farm in Monterey County, California, in partnership with First Solar Inc.

Under the plan, the two firms will build a 2,900-acre solar farm that will produce enough electricity to power all of Apple’s offices and stores in California, including its new headquarters under construction in Cupertino.

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CG/RC

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