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Apple shares went past the US$500 mark for the first time. That means a single share in Apple is now more expensive than an entry level iPad.
Stock in the Cupertino-based tech giant has been on a continual growth trajectory ever since it announced stellar first quarter results.
Apple posted quarterly revenue of US$46.33-billion and record quarterly net profit of $13.06-billion. Highlighting its increasing global dominance, the company reported that international sales accounted for 58% of its revenue in the quarter.
The company’s current position is in stark contrast to the position it was in when co-founder Steve Jobs made his return to the company in 1997.
Back then it was on the verge of bankruptcy and it needed at US$150-million investment from arch rival Microsoft to save it.
In fact, renowned tech site Mashable reports that more than 4 000% over the last decade.
A large part of Jobs’ legacy was highly innovative devices he oversaw the development of — most notably the iPod, iPhone and iPad.
It is unsurprising, therefore, that the killer revenues Apple has been pulling in are largely on the back of sales of these devices.
In the first quarter of 2012 it sold 37.04-million iPhones — representing 128% unit growth over the same quarter in 2011, — 15.43-million iPads, and 5.2-million Macs.
According the Business Times, Apple’s latest valuation means that it worth more than Microsoft and Google combined.
In addition to its stellar financial figures, Apple stock price is being driven by rumours of a soon-to-be-announced iPad 3.