The stock market value of Apple recently closed above a staggering $500bn, a position that only six other US firms have ever exceeded. Exxon the oil giant hit the $500bn mark in 2007 and Microsoft was briefly worth that amount over a decade ago now in 2000.
Other companies to hit that mark include Cisco Systems, General Electric and Intel.
The popularity of Apple products seems to be consistently rising without any indication of slowing in the foreseeable future, meaning that their sales and profits are also continuing to grow at rates which are very rarely seen in a company of it’s size.
Analysts have predicted that Apple will make around $40bn in profit this year, a higher value than most firms will generate in sales.
With $100bn of cash in reserve on its books, investors are hoping that the company may decide to give some of that back to shareholders this year in the form of dividends or share buybacks.
Apple’s turnaround has been coined as ‘remarkable’, considering that in just 1997 the company was facing bankruptcy with shares worth just $3.19, a world away from the company’s closing share price of $542.44 last Wednesday.
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