Coinspeaker
Apple (AAPL) Stock Creeps to Record High with Valuation of Nearly $3T
The stock of American multinational technology company Apple Inc (NASDAQ: AAPL) has experienced bullish sentiment YTD to reach new ATH. The tech giant company has widened its revenue collection over the years to become one of the most valuable companies in the world. According to the latest stock market data, AAPL shares have rallied approximately 45.66 percent YTD to trade around $189.66 during Wednesday’s extended trading period. In the past year, Apple shares have ranged between $124.17 and $189.90 with more than 15.73 billion shares outstanding.
As a result, the company’s valuation has risen exponentially to around $3 trillion with few new products in the market.
During the second quarter that ended on April 02, 2023, Apple announced revenue of about $94.8 billion and quarterly earnings per diluted share of about $1.52. According to the company’s Chief Executive Officer, Tim Cook, the company hit a record in services and iPhone sales during the quarter despite the generally challenging macroeconomic environment.
Notably, the company initiated a $90 billion share buyback program after raising the quarterly dividend for the eleventh year in a row. As a result, Apple shareholders are optimistic the company will continue to outperform its competitors in the coming years especially due to its superior products.
“We continue to invest for the long term and lead with our values, including making major progress toward building carbon-neutral products and supply chains by 2030,” Cook noted in the quarterly earnings report.
Apple Performance that Has Impact on AAPL Stock
Apple has grown over the years due to both internal policies and the US government’s initiative to support local tech companies to achieve international markets. Moreover, Apple controls every application downloaded on the iPhone among other products including the Mac computers with a service fee for enhancement of general security.
The fact that people can purchase Apple products but still have the American tech giant control over what applications they use has been economically profitable for the shareholders. The small details have made Apple a success story with prospects of future growth even brighter.
Notably, Apple introduced a new era of spatial computing with the Vision Pro with a myriad of Utility cases. The company has attributed its latest innovation to its M2 and R1 semiconductor chipsets. The new Vision Pro headset is set to significantly tap into the Web3 metaverse that has significantly grown within the cryptocurrency market.
Currently, Apple is valued almost three times more than the cryptocurrency market, which encompasses top digital assets including Bitcoin and Ethereum. Moreover, Apple has delivered billions of hardware products to global markets over the years, whilst the cryptocurrency market is mostly speculative trading.
Apple (AAPL) Stock Creeps to Record High with Valuation of Nearly $3T
