Apple Becomes the Most Valuable Company in the US

By Bizclik Editor

 

This is shaping up to be an excellent week for Apple. First, the company reported record-breaking October-December quarter results late Tuesday. By mid-day Wednesday, the company’s blockbuster earnings catapulted its shares, pushing it past Exxon Mobil to become the most valuable company in the country.

Apple shares were up 6.37 percent at $447.20 on Wednesday, giving the tech maker a market capitalization of $414.52 billion. Unfortunately for Exxon, its shares dropped 0.92 percent at $86.38, for a market cap of $411.45 billion.

Apple’s record earnings can be attributed to strong sales of all of its signature products, but it was the iPhone 4S that brought particularly good tidings.

More than half of Apple’s revenue for the quarter came from iPhone sales for the first time since they hit the market. 37 million iPhones were sold, generating over $24 billion in revenue—that adds up to 53 percent of the company’s total of $46.33 billion.

In terms of profit, Apple posted $13.06 billion, which is more than double what it posted last year.

“We’re thrilled with our outstanding results and record-breaking sales of iPhones, iPads, and Macs,” said CEO Tim Cook in a statement. “Apple’s momentum is incredibly strong, and we have some amazing new products in the pipeline.”

Can Apple carry this momentum through the second fiscal quarter of 2012? Apple CFO Peter Oppenheimer says the company expects revenue of about $32.5 billion and diluted earnings per share of about $8.50.

Share

Featured Articles

Top 10 cybersecurity specialists in the US

As cyber attacks grow in frequency and become increasingly sophisticated, Business Chief looks at the top 10 cybersecurity specialists in the US.

Silicon Valley Bank collapse: How did we get here?

US authorities have stepped in to protect all Silicon Valley Bank customers following the second-largest bank failure in the country's history

Top 10 best new leadership books by women to read in 2023

To mark IWD, here’s our pick of the best new leadership books – all penned by impressive women at the forefront of the ever-evolving world of work

Eight of the best business leadership podcasts

Leadership & Strategy

CEO John Pagano, leading Saudi Arabia's Red Sea Global

Leadership & Strategy

Top 10 female CEOs according to Fortune’s Global 500 list

Leadership & Strategy