Apple Crosses $3000 Billion Market Capitalization: A Historic Milestone

2023-06-30 16:16:09

Apple once more crossed the symbolic threshold of 3000 billion dollars (2684 billion francs) in market capitalization on Friday, the maker of the iPhone being on the way to being the first group in the world to close at this level on Wall Street .

Taking advantage of the enthusiasm of the Nasdaq following good news on the US inflation front, the title had to exceed 190 dollars to reach this incredible valuation.

Around 3:30 p.m. GMT, up 1.48%, the AAPL share, its stock code, was listed at 192.39 dollars valuing the group at 3.026 billion dollars, an amount, on paper, higher than the gross domestic product (GDP) of the France.

A good note from Citigroup bank helped boost the action on Friday, also underlined Patrick O’Hare of Briefing.com. Since the beginning of the year, the title of Apple has climbed 47%.

The apple group had already briefly exceeded this threshold of 3,000 billion in January 2022 before giving ground, having bought back and canceled billions of dollars of shares which had lowered its market capitalization.

The group from Cupertino (California) had also faced supply difficulties linked to the policy of health restrictions in China, where the largest production plant of the brand’s famous telephones is located.

Apple had even had to temporarily cede its first rank among market capitalizations to Saudi Aramco, the Saudi national hydrocarbon company.

It was in August 2018, 38 years following its IPO, that the group had passed the milestone of 1000 billion dollars in capitalization, an amount tripled in less than five years, despite the Covid-19 crisis which brought down the financial markets.

For 2023, “Apple’s outlook remains strong given its balance sheet and revenue outlook,” said Edward Moya, analyst for Oanda.

In the first quarter, Apple posted a turnover of 95 billion dollars, of which more than 51 billion came from sales of its flagship product, the iPhone, launched in 2007. The group generated profits of 24 billion dollars.

Its sales of Macs, on the other hand, had declined, as for the entire microcomputer sector, to 7.2 billion dollars once morest 10.4 billion a year earlier.

/ATS

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