Apple’s market capitalisation closed at around $3 trillion for the first time since August after its shares rose 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 intraday trading in December 2022. Apple shares reached their all-time high on 31 July and remain the most valuable publicly traded US company.
The milestone is a sign of Apple’s durability – the iPhone maker’s share price is up more than 48% so far this year – even as the company reduces its overall share count through buybacks.
Investors see Apple as a fortress with significant cash flow, globally popular products and strong shareholder return programmes, even as it struggles with slowing growth and problems in markets such as China.
In Apple’s fiscal year 2023, which started in October, Apple reported total revenue of $383.29 billion, down about 3% from the previous year.
Apple also warned in November that it didn’t expect annual revenue growth in the all-important December quarter, the first full quarter of iPhone 15 sales. Next year, Apple will release its Vision Pro virtual reality headset, its first major computing platform since the launch of the Apple Watch in 2014.
