In yet another milestone, Apple’s market capitalisation briefly soared past US $800 billion threshold, making it the first company ever with such a mammoth valuation.
Apple’s shares closed up 2.7 per cent for the day at US $153.01 late on Monday, taking the company to a market value of US $797.8 billion, Fortune reported.
Earlier, analyst Brian White from investment firm Drexel Hamilton raised his price target for Apple shares from US $185 to US $202 – implying a market value of over US $1 trillion.
According to White, iPhone 8, repatriation of foreign cash and new innovations could bring more good news for Apple shares.
Alphabet, Google’s parent company, is the second most valuable company with a market cap of US $653 billion, followed by Microsoft at US $532 billion.
Apple sold 50.8 million iPhones in the first three months of 2017, down one per cent year-on-year, according to the company’s second quarter results that came earlier in May.
CEO Tim Cook blamed a “pause” as customers wait for the next iPhone which is due to release later in 2017.
The dip in iPhone sales was offset by services, including Apple Pay, iCloud and the App store, which recorded an 18 per cent increase in sales to US $7 billion.
Due to the robust sales of its iPhone 7 Plus, the revenue from iPhones climbed one per cent to US $33.2 billion.