Apple's market cap closes above $3 trillion
- Apple's market cap closed at about $3 trillion after its shares climbed 2% Tuesday.
- The milestone is a sign of Apple's durability even as the company reduces its total share count through buybacks.
Apple's market cap closed at about $3 trillion for the first time since August after its shares climbed 2% to $193.42 per share on Tuesday.
Apple's value officially crossed the $3 trillion mark for the first time in June, and briefly touched $3 trillion in December 2022 during intraday trading. Apple stock hit its all-time high July 31 and it remains the most valuable publicly traded U.S. company.
The milestone is a sign of Apple's durability — the iPhone maker's stock price has risen over 48% so far this year — even as the company reduces its total share count through buybacks.
Investors see Apple as a fortress with significant cash flow, globally popular products and strong shareholder return programs, even as the company struggles with slowing growth and problems in markets such as China.
In Apple's fiscal 2023, which started in October, Apple reported $383.29 billion in total revenue, down about 3% from the prior year.
Apple also warned in November that it didn't expect annual revenue growth in its all-important December quarter, which is the first full quarter with iPhone 15 sales. Next year, Apple will release its Vision Pro virtual reality headset, its first major computing platform since introducing the Apple Watch in 2014.
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