- 12th September 2019
- Posted by: Muff lbr
- Category: Business plans, Innovation, Technology
- Apple stock rose over 3% during trading on Wednesday to a closing price of $223.59, a day after Apple launched new iPhones and Apple Watch models.
- That price gives Apple a market capitalization of $1.01 trillion.
- The first time Apple hit a $1 trillion market cap was in August 2018, but since then the stock has had a rough period and Apple has bought back its own shares.
Apple reached a $1 trillion market cap on Wednesday, following its announcement Tuesday of a slew of new products, including the iPhone 11.
Apple’s share price was up more than 2% atthe close of trading on Wednesday, ending the day at $223.59.
It’s not the first time that Apple has had a market cap over $1 trillion. It first hit the mark in August 2018. But it fell under the symbolic benchmark after the stock price dropped during a stretch in December and January following disappointing iPhone sales in China. Apple has also bought back millions of its own shares, raising the stock price threshold needed for a $1 trillion market cap.
Apple isn’t the only $1 trillion technology company. Microsoft has a larger market cap than Apple at $1.04 trillion.
Apple held its annual iPhone launch event on Tuesday, revealing new iPhone, Apple Watch and iPad models, including a $50 price cut for the iPhone 11, the entry-level model.