Apple has today beaten its own record for the company with the highest valuation, with shares of Apple opening at a price of $149.06 per share on Monday. With around 5.2 billion shares currently outstanding, Apple’s market cap sat at an eye watering $776.60 billion at that time.
This huge number represents an increase over the company’s previous highest market cap which was set in February of 2015, with $774.7 billion the magic number at that time.
According to the Wall Street Journal, Apple’s stock has been setting record after record ever since February but with the company buying back millions of shares of late this Monday was the first time that Apple’s market cap reached a new record high. The news comes after Apple reported its first quarter earnings last week, with numbers that both delighted and disappointed in equal measure. However, those results meant that one analyst was so positive on Apple stock that they suggested the company could become the world’s first $1 trillion outfit.
While this did not happen, an increase on an already huge number will surely suffice for a company that still has some big months of 2017 to come.
Later this year we expect to see Apple announce and subsequently launch the iPhone 8, a new and redesigned handset that will take the success of the previous generations and build on it in such a way that a whole new device will be born.
Following three versions of the iPhone which represent a more iterative than revolutionary change in design, it is expected that the iPhone 8 will unleash pent-up demand which could see Apple’s success reach as yet unseen heights.
Considering the heights we have already witnessed, including repeatedly becoming the most valuable company on the planet, that is ominous news indeed.