Apple’s market cap closes above $3 trillion


In this article

Apple CEO Tim Cook greets customers purchasing Apple’s new iPhone 15 during a launch event at the Fifth Avenue Apple Store in New York City on Sept. 22, 2023.
Alexi Rosenfeld | Getty Images

Apple’s market cap closed about $3 trillion for the first time since August after its shares climbed 2% to $193.42 per share on Tuesday.

Apple’s value officially crossed the $3 trillion mark for the first time in June, and briefly touched $3 trillion in December 2022 during intraday trading. Apple stock hit its all-time high on July 31 and it remains the most valuable publicly traded U.S. company.

The milestone is a sign of Apple’s durability — the iPhone maker’s stock price has risen over 48% so far this year — even as the company reduces its total share count through buybacks.

Investors see Apple as a fortress with significant cash flow, globally popular products, and strong shareholder return programs, even as the company struggles with slowing growth and problems in markets like China.

In Apple’s fiscal 2023, which started in October, Apple reported $383.29 billion in total revenue, down about 3% from the prior year.

Apple also warned in November that it didn’t expect annual revenue growth in its all-important December quarter, which is the first full quarter with iPhone 15 sales. Next year, Apple will release its Vision Pro virtual reality headset, its first major computing platform since introducing the Apple Watch in 2014.

Articles You May Like

Argentina’s axed China friendlies now set for U.S.
In a letter to employees, AT&T CEO apologizes for widespread outage, says some customers will receive credits
Oil prices lower as senior Israeli official sees signs of progress on hostage deal
Toyota finally launches its first EV in Australia to fend off Tesla’s top-selling Model Y
England captain George playing for mum’s memory vs. Scotland