JUNE 30, 2023
When markets closed Friday, Apple’s market capitalization was over $3 trillion, making it the most valuable company — ever.
It’s a massive milestone for the tech giant, which warned investors in May that its current quarter revenue was expected to decline. But Friday’s stock price increasing by just over 2 percent to close at $193.97 per share suggests that investors are still confident in the company, a bright spot in an industry that has otherwise been rocked by layoffs over the past year.
Daniel Ives, a senior equity research analyst at Wedbush Securities, said in a note Friday that it was a “historic day for the tech sector with Cupertino leading the way.”
“The Apple bears and skeptics continue to scratch their heads as many have called for Apple’s ‘broken growth story’ this year in a tougher backdrop to which we firmly believe the exact opposite has happened with Cupertino heading into a massive renaissance of growth over the next 12 to 18 months,” Ives said.
Apple set a similar record in January 2022 when it hit a $3 trillion market cap during intraday trading, but failed to close the trading day at that level.
Courtesy/Source: The Washington Post
