Apple sets the record as the first American company to reach the market value of $700 billion.Jason Furze (Author) Published Date : Feb 11, 2015 04:43 ET
Apple sets the record as the first American company to reach the market value of $700 billion. In November Apple Inc. had been trading around $700 billion in the market but yesterday at the end of the trading it was trading at $710 billion, which made them the first company to reach that milestone. According to the market data Apple Inc. shares rose 1.9 percent to $122.02 at New York closing. Market experts are saying that, Apple Inc. is now twice as valued then their rivals, Microsoft. Exxon Mobil Corp is the next biggest company, who has a market capitalization of $385.4 billion. After the revelation by Apple Inc. Chief Executive Officer Tim Cook in last September that, Apple is bringing a more expensive iPhone with larger screen, which has created a buzz in the market. Market experts are saying that because of the announcement the share of the company had created a huge profit in the last three months of 2014. Alone in the Chinese market the revenue rose by 70 percent.
In a statement Cook said, We've taken (the mobile operating system) iOS and extended it into your car, into your home, into your health. All of these are really critical parts of your life . He then added, We want one seamless kind of life. And so, I think that is huge for our future...We also did a lot of things to further our global footprint. And so, if you look at what we've done in China, we've opened more stores there. We've opened a lot more distribution there. Through the world, we've opened almost 20,000 new points of sale. We've opened 27 new Apple Stores, lot of flagship stores . He also mentioned that Apple had achieved more than $50 billion in revenue from the emerging market around the world. According to a recent data the tech giant had recorded a revenue of $74.6 billion in the last three months till December 31, 2014.
Apple sets the record as the first American company to reach the market value of $700 billion.