Today Apple has recorded a new record market valuation of $700 billion blasting past the second most valuable company in the world Exxon Mobil Corp, with a current market valuation of $405 billion.
The new record Apple market valuation is thanks in part to the record sales of its latest iPhone 6 and iPhone 6 Plus smartphones which launched earlier this year and accumulated sales of over 10 million units in just the first weekend.
Apple has also taken the wraps off its new Apple Watch smartwatch wearable device that is expected to launch sometime in the first quarter of 2015. Together with its new Apple Pay service which is quickly being adopted by retailers worldwide. Bloomberg analyst Brian White of Cantor Fitzgerald explained :
“Given Apple’s significant portfolio refresh over the past three months, the lack of innovation from competitors and a constructive spending backdrop in the U.S. market, we believe Apple has opportunity to shine bright this holiday season.”
Bloomberg continues :
“Apple is up 48 percent this year through yesterday, heading for its sixth straight annual gain. That would be its longest streak ever, topping a five-year rally from 2003 to 2007. Its market capitalization reached as high as $658 billion in September 2012, before a 44 percent plunge in the stock price over the next seven months.
The Cupertino, California-based company’s market cap has exceeded that of Redmond, Washington-based Microsoft Corp. since May 2010. Microsoft now has a market capitalization of $394 billion. Apple’s value also moved above that of Google Inc. in January 2010. The operator of the world’s most popular search engine currently has a market cap of $369.7 billion.”
For more information on the new Apple valuation jump over to the Bloomberg website for details via the link below.Filed Under: Apple, Technology News, Top News