Following Tuesday’s 2% increase in its share price to $193.42, Apple’s market capitalization ended at approximately $3 trillion for the first time since August.
For the first time, Apple’s market capitalization officially surpassed $3 trillion in June 2022. It also made a fleeting appearance in intraday trading in December 2022. The most valuable publicly traded American corporation is still Apple, whose shares reached an all-time high on July 31.
This milestone demonstrates Apple’s resilience, since the company’s stock price has increased by more than 48% so far this year, despite the company’s reduction in the total number of shares through buybacks.
Even if Apple faces challenges in regions like China and slowing growth, investors still view the company as a stronghold with substantial cash flow, well-known products around the world, and robust shareholder return programmes.
Apple reported $383.29 billion in total revenue for its fiscal 2023, which began in October. This represents a 3% decrease from the previous year.
Source (CNBC)
