RaduTyrsina
News Team
Apple has become the first U.S. company to ever close out a trading day with a market cap of over $700 billion. And it seems that Tim Cook and his team aren't yet ready to stop.
At the time of writing this, Apple shares are being valued at roughly $126 each in intraday trading, which gives the Cupertino-based company a record-breaking market cap exceeding $724 billion. Apple shares have risen by almost 50% since the start of 2014.
Tim Cook said the success is also thanks to Apple's ability to sell pricey products to Chinese consumers.
China seems to be one of the most important new markets for Apple, as Tim Cook claims that it has grown from a $1 billion to $38 billion market for the company in the past five years. Apple also plans to expand from 19 to 40 retail stores in China over the next year.
When Apple announced its earnings results for the first fiscal quarter of 2015, it posted revenue of $74.6 billion and net quarterly profit of $18 billion. The company sold a record-breaking 74.5 million iPhones during the quarter and also announced increased profits coming from app sales.
Source: Apple
