Apple CEO Tim Cook greets customers purchasing Apple’s recent iPhone 15 during a launch event on the Fifth Avenue Apple Store in Recent York City on Sept. 22, 2023.
Alexi Rosenfeld | Getty Images
Apple’s market cap closed at about $3 trillion for the primary 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 primary time in June, and briefly touched $3 trillion in December 2022 during intraday trading. Apple stock hit its all-time high July 31 and it stays the most respected publicly traded U.S. company.
The milestone is an indication of Apple’s durability — the iPhone maker’s stock price has risen over 48% to date this yr — whilst the corporate reduces its total share count through buybacks.
Investors see Apple as a fortress with significant money flow, globally popular products and powerful shareholder return programs, whilst the corporate struggles with slowing growth and problems in markets akin to China.
In Apple’s fiscal 2023, which began in October, Apple reported $383.29 billion in total revenue, down about 3% from the prior yr.
Apple also warned in November that it didn’t expect annual revenue growth in its all-important December quarter, which is the primary full quarter with iPhone 15 sales. Next yr, Apple will release its Vision Pro virtual reality headset, its first major computing platform since introducing the Apple Watch in 2014.
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