Apple’s market valuation passes $700 billionComments Off on Apple’s market valuation passes $700 billion
Apple’s stock market value reached $710.74 billion based on Tuesday’s closing share price, far exceeding that of Exxon Mobil, the next biggest company, which stands at around $380 billion.
Apple has been buoyed by strong sales of its new, larger-screened iPhone 6 and iPhone 6 Plus models, plus its first quarter profit of $18 billion, the largest ever in US corporate history.
It also announced a new deal to buy about $850 million of power from a new California solar farm to cut its energy bill.
“We expect to have a very significant savings because we have a fixed price for the renewable energy, and there’s quite a difference between that price and the price of brown energy,” chief executive Tim Cook said.
“We know in Apple that climate change is real. The time for talk is passed,” he added. “The time for action is now.”
Apple shares looked to have moved slightly higher in after-hours trading.
Additional reporting by Reuters