Apple Inc on Wednesday made history as the first United States company to have exceeded the $800-billion mark in market value. The company’s stock rose by 1% to settle at $153 (approximately Rs 9,882), leading to a capitalisation of around $803 billion (around Rs 51.89 lakh crore), Bloomberg reported on Wednesday.
A buyback programme had helped push the tech giant’s share value by 33% at the beginning of the year. The firm is expected to launch three new iPhones by the end of 2017 to mark the 10th anniversary of its first model’s unveiling.
On May 3, Apple Chief Executive Officer Tim Cook had said the company had created a new record in India by registering double-digit revenue growth in the March quarter. Cook aims to get Apple to diversify its focus by prioritising services, including App Store and iCloud, and launching gadgets such as the Apple Watch and AirPod wireless headphones.
Multinational conglomerate holding company Berkshire Hathaway’s backer, billionaire Warren Buffett, had said he had a stake of almost $20 billion (around Rs 1.29 lakh crore) invested in Apple. Buffet said he he had grown more fond of the company as he could “very easily determine” the firm’s competitive position “and who is trying to chase them,” Reuters reported.