Apple became the first company to reach a market value of $700 billion Tuesday Feb 10,2015

 

Apple became the first company to reach a market value of $700 billion Tuesday Feb 10,2015 as shares vaulted amid upbeat news on the US tech giant`s gains in the smartphone market and soon-to-arrive smartwatch.


Shares rose 1.9 % to close at $122.02, lifting Apple`s market value to $710 billion, and making it the first company to hit the $700 billion milestone.

Apple is far ahead in market value from the number two company, oil giant Exxon Mobil, worth some $382 billion at the market close.

Apple CEO Tim Cook holds an IPhone 6 Plus — the larger phone model that helped Apple entrench itself in the China market, helping to raise its market capitalization to record numbers.

Note

The U.S. tech giant recently posted record revenue of $74.6 billion (£49.2bn) for the three months to December 31, outstripping the quarterly GDP of Israel, Greece or Denmark.

Apple's cash pile is now $178 billion (£117bn), the equivalent to $556 for every American and bigger than the £95billion budget for Britain's National Health Service.

Its landmark performance was driven by record-breaking sales for its iPhone 6 and 6 plus, with the firm revealing it sold 34,000 handsets every hour for the entire quarter