Apple's market value surpasses $3 trillion mark

Company News

by Glenn Dyer

Apple's market value surged past $3 trillion for the first time in four months on Tuesday as Apple shares gained 2% to reach $193.42. Despite reducing its shares through buybacks, the tech giant has seen its stock price rise by over 52% this year, showcasing its resilience.

Apple initially crossed the $3 trillion milestone in June, briefly touching it in December 2022 during intraday trading. The company's stock hit an all-time high of $198.23 on July 31. After dipping to $166.89 in early October, the shares rallied by over 16% with improving market sentiment. However, this surge hasn't affected Berkshire Hathaway, Apple's largest shareholder, whose shares have only gained 14% year-to-date.

In Apple's fiscal year 2023, ending on September 30, the company reported a 3% decline in total revenue to $383.29 billion. In November, Apple announced that it did not anticipate annual revenue growth in its crucial December quarter, which includes the first full quarter of iPhone 15 sales. Looking ahead, Apple plans to release its Vision Pro virtual reality headset in the coming year, marking its first major computing platform since introducing the Apple Watch in 2014.

Glenn Dyer

Glenn Dyer has been a finance journalist and TV producer for more than 40 years. He has worked at Maxwell Newton Publications, Queensland Newspapers, AAP, The Australian Financial Review, The Nine Network and Crikey.

Subscribe to our Daily Newsletter?

Would you like to receive our daily news to your inbox?