After a low market time just recently, the Cupertino-based tech giant has once again clinched the title of being the most valuable public company in the world.
Apple saw a decrease in the value of its stocks following the gradual decrease in the sales of iPhones. However, the company just released the quarterly report of its earnings just recently which gave a push-start to the company’s financial standing. The company had been struggling for the top spot and was in close competition with the other tech giants Microsoft, and Amazon.
According to the report, the services section on part of Apple had saw improvement, although iPhone sales were down by 15%. Soon after the release of the quarterly report, the stocks saw an increase of 7% in its price. Ever since the report was published, the stocks of the company gradually saw an increase in its value. This happened despite the fact that the company had a decreased revenue, but through an open letter from Tim Cook, the CEO had already warned the investors about a probable decrease, tempering any sharp decline. The stock prices of Microsoft and Amazon, on the other hand, also underperformed pushing Apple to the top spot.
The stock price of Apple hit the $174.24 mark at the closing of the market day yesterday. The stock value pushed the company’s valuation to $821.59 billion, against the low from a couple of months back when it was hovering about the $600 billion mark. Apple was the first company to hit the trillion dollar mark but has since then lost its value.
News Via CNBC
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