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Apple’s Market Cap Just Hit $700 Billion For The First Time

Apple’s Market Cap Just Hit $700 Billion For The First Time

Apple’s Market Cap Just Hit $700 Billion For The First Time

Apple’s market capitalization reached $700 billion for the first time making a history. It was a Tuesday morning, when for the first time, a U.S. company reached that milestone. It is a major milestone for CEO Tim Cook since the market cap doubled in the three years since he is in the chair. Apple’s share price traded as high as $119.75, giving the technology company, a first-time-ever market valuation just north of $700 billion. Cook took the charge in August 2011, when founder Steve Jobs officially stepped down two months before his death from cancer

The company’s stock has hit several new record highs lately. It happened when in the month of September   launch of the iPhone 6 and iPhone 6 plus become widely successful. Apple  AAPL -0.98% shares have jumped by 21% since the company unveiled the new smartphones at a product event that also heralded the arrival of the much-hyped Apple Watch and the new Apple Pay mobile payments system. The Apple Pay service is now available since last month, while the Apple Watch will go on sale from 2015.But, the latest iterations of the iPhone have been driving up the company’s value since they went on sale in September and posted a record opening weekend by selling more than 10 million units. Apple will keep selling those phones at an accelerated pace over the holiday season,

Apple Inc., an American corporation which is having it’s headquarter in Cupertino, California. It is designer as well as developer and seller of consumer electronics, software, online services. Its well-known  products are the Mac line of computers,  iPod media player,  iPhone Smartphone, and  iPad tablet computer. It has online services like iCloud, iTunes  and App Store. Apple’s  software includes the OS X and iOS operating systems,  the Safari web browser, and the iLife and iWork creativity and productivity suites.

Apple is world’s second-largest IT Company by revenue. It is also world’s third-largest mobile phone maker company. On November 25, 2014, Apple became the first U.S. company to be valued at over $700B. This time, Apple is having 72,800 permanent full-time employees, maintains 437 retail stores which is spread in fifteen countries.

In 2014, Apple’s total annual revenue is $182 billion .Apple cherishes a high level of brand loyalty and, according to the 2014best Global brands report, it is the world’s most valuable brand but, the company has received criticism for its contractors’ labor practices and also for its own environmental and business practices.

Apple’s market cap size is also relative historically in terms of valuation within the S&P 500 index. When Microsoft peaked last time, its market value amounted to nearly 5 percent of the overall value of the S&P 500. In the 1980s, when IBM was the top-valued company in the index, it amounted to more than 6 percent of the blue chips’ overall value. But Apple’s journey is historic and this achievement is new milestone in their race.

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