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9
May 2017
In
yet another milestone, Apple's market capitalisation briefly soared past USD
800 billion threshold, making it the first company ever with such a mammoth
valuation.
Apple's
shares closed up 2.7 per cent for the day at $153.01 late on Monday, taking the
company to a market value of $797.8 billion, Fortune reported.
Earlier,
analyst Brian White from investment firm Drexel Hamilton raised his price
target for Apple shares from $185 to $202 - implying a market value of over $1
trillion.
According
to White, iPhone 8, repatriation of foreign cash and new innovations could
bring more good news for Apple shares. The
Total Investment & Insurance Solutions
Alphabet,
Google's parent company, is the second most valuable company with a market cap
of $653 billion, followed by Microsoft at $532 billion.
Apple
sold 50.8 million iPhones in the first three months of 2017, down one per cent
year-on-year, according to the company's second quarter results that came
earlier in May.
CEO
Tim Cook blamed a "pause" as customers wait for the next iPhone which
is due to release later in 2017. The Total
Investment & Insurance Solutions
The
dip in iPhone sales was offset by services, including Apple Pay, iCloud and the
App store, which recorded an 18 per cent increase in sales to $7 billion.
Due
to the robust sales of its iPhone 7 Plus, the revenue from iPhones climbed one
per cent to $33.2 billion.The Total
Investment & Insurance Solutions
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