Apple stock ($AAPL) crossed yet another momentous milestone for its financials, hitting $700 billion market capitalization as the stock ticked over $119.65. At a pre-split price, this tallies $837.13. The stock last peaked in late 2012, when it topped out in the mid $650’s. That’s a $50 billion increase from two weeks ago.
Through 2013, the price tumbled over investor doubts about new product categories and Cook’s leadership. In recent months, though, $AAPL stock has returned and surpassed its 2012 highs. The reduction in shares due to Apple’s buybacks program has been more than offset than share price growth, off the back of the company’s strong earnings and forecasts.
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As a result, $AAPL’s share price has increased by 50% since January 2014, with market cap rising by almost the same multiple. The company remains the #1 most valuable company, beating out second-place Exxon Mobile (which has a market cap of $400 billion) by hundreds of billions.
Looking forward, investors are eying Apple’s holiday quarter success to truly gage the uptake of Apple’s latest round of products, headlined by the iPhone. Analyst Ming-Chi Kuo has estimated Apple will sell 71 million iPhones in the holiday quarter. Investors have also been enthused by the monetization potential of Apple Pay and the Apple Watch, although how much that will contribute to the bottom line is still up in the air. Apple is forecasting up to $66.5 billion in revenue for the holiday quarter, yet another record to add to the book if it meets its estimates.