Apple hits $800 billion market valuation
As the bell sounded to close the U.S. stock market Tuesday evening, Apple made history. The Cupertino Giant’s stock continued its climb this year to end the day up 1% at $153.99/share. This small gain pushed the company to a market valuation of about $802.8 billion, the largest market cap of any American-based company in history and the first to cross $800 billion.
Apple’s stock has seen huge gains this year, rising 33% since January. Despite falling iPhone sales this year, revenue has continued to climb. The increase in service revenue, coupled with a large buyback program, has launched Apple’s market cap to the history high.
This likely isn’t the end for Apple’s market climb, either. The company is expected to release several new devices in its iconic iPhone line late this coming fall. Despite a similar design to the previous iPhone 6 and iPhone 6S, the iPhone 7 launched last fall to record sales. Rumor has it that the upcoming iPhone 8 (the supposed name of Apple’s next smartphone) will feature a massively overhauled design, which may entice users to snap up the new device in another record-breaking buying frenzy. If the iPhone 8 is even moderately successful, you can expect Apple’s market cap to rise even higher and flirt with $1 trillion. Not bad for a company that started out selling computers from a garage.