Apple’s market capitalization reached a milestone by closing at approximately $3 trillion for the first time since August. This achievement came after the company’s shares saw a 2% increase, reaching $193.42 per share on Tuesday.
In June, Apple officially surpassed the $3 trillion mark for the first time, briefly touching this milestone during intraday trading in December 2022. Apple’s stock had reached its all-time high on July 31, solidifying its position as the most valuable publicly traded company in the United States.
This remarkable milestone underscores Apple’s resilience, as its stock price has surged by over 48% this year, even as the company has been actively reducing its total share count through buyback programs.
Investors continue to view Apple as a fortress with substantial cash flow, a portfolio of globally popular products, and robust shareholder return initiatives, despite challenges such as slowing growth and market issues in China.
For Apple’s fiscal year 2023, which commenced in October, the company reported total revenue of $383.29 billion, representing a slight decline of approximately 3% compared to the previous year.
In November, Apple cautioned that it did not anticipate annual revenue growth in its crucial December quarter, which marked the first full quarter with iPhone 15 sales. Looking ahead, Apple is set to release its Vision Pro virtual reality headset, marking its first major computing platform launch since the introduction of the Apple Watch in 2014.