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SAN FRANCISCO: Apple has set a record on Wall Street: It’s the first US company to be worth more than $700 billion based on the value of its stock at the close of trading on Tuesday.
That’s almost twice the value of the next biggest company, oil giant Exxon Mobil.
Apple shares rose almost 2 per cent Tuesday, closing at $122.02, which gave it a market value of more than $710bn.
Read: Apple is most valuable company ever at $622 bn
Apple, which has reported record sales and profit in recent quarters, has crossed the $700bn line before in the course of daily trading, but Tuesday was the first time any US firm finished the day above that line.
Exxon Mobil Corp. saw its shares fall by 0.6pc Tuesday and closed with a value of about $385bn.
Published in Dawn, February 12th, 2015
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Comments (14) Closed
Feb 12, 2015 10:32am
wow :)
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Feb 12, 2015 11:44am
That is about same as Russian GDP, which is world's 20th biggest economy.
Pakistan's whole KSE index is valued at below $100 billion.
That is difference between science and religion.
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Feb 12, 2015 12:03pm
@Imtiaz: How does the comparison of science and religion fit here? Steve Jobs was a Buddhist yet he used science to get this level of financial record...dont get your comparison mate!
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Feb 12, 2015 12:31pm
This is just the beginning .....
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Feb 12, 2015 12:40pm
Steve Jobs was a great mind, who hired extraordinary people. This is an outstanding achievement. Goes to show that society's where education, free market enterprise, and rule of law are practiced, companies can be extremely successful.
One of the barriers to progress in Pakistan has been an overall lack of focus on education. We need to free ourselves from the Wahhabis Saudi type practice of religion here, adopt a secular state, and achieve a high level of education and literacy if we ever want to see positive change
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Feb 12, 2015 12:44pm
@Imtiaz Russian GDP is around $2 Trillion. Instead you can interpret this figure as double that of Pakistan Economy which is around just $250 billion.
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Feb 12, 2015 12:56pm
@Imtiaz
What does religion have to do with this...
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Feb 12, 2015 01:00pm
@Imtiaz Where you get this figure? Russia is Ten largest economy in the world. Yes is bigger then Switzerland with GDP 679B USD (20th in ranking)
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Feb 12, 2015 01:10pm
Our ENTIRE Stock market is worth under USD 77 billion. One of the major reasons can be seen in the arguments in the comments below. Instead of focusing on education, health, elimination of corruption, nepotism, etc. we are fighting over which religious sect to be followed in the country. Those who learn from others' mistakes are the most successful, those who learn from their own mistakes make it well too but those who do not learn from their mistakes make a mockery of themselves, are found begging, fighting over how to practice religion and end up being a crazy lesson for others to avoid. You know where we stand.
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Feb 12, 2015 01:10pm
@Mahesh Pakistan GDP (PPP) is $600 billion dollar, whereas Indias is around 4 to5 Trillion Dollars... since India is 7 times the size of Pakistan, we have round about the same economic levels.. However, we both as countries lack a great deal in this regard.. Both countries should have been doing much better than this...
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Feb 12, 2015 01:19pm
*Correction: Pakistan GDP(PPP) is $885 billion as per IMF and India's is around 6.4 Trillion, hence the factor of 7 plays in again.
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Feb 12, 2015 04:35pm
@Anwar A great mind supported by an equally great system that encouraged and motivated him and the likes of him. US had issues like Enron, Sub prime mortgage, etc. but they also legislated Sarbanes Oxley Act, high standards of Corporate Governance, strong punishment for insider trading, etc. These steps promoted the already strong standards of corporate practices and they reap the benefits.
In sharp contrast many of us indulge in tax evasion, fund syphoning, insider trading and other white collar crimes and the nation and the country pays the price.
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Feb 12, 2015 04:49pm
@Ali YOU mentioned India's GDP PPP twice but twice you are wrong figure.India's GDP PPP is worlds 3rd largest at $7.227 Trillion.
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Feb 12, 2015 06:12pm
I purchased apple desktop built in computer with aluminium body ,6 year back which is almost 1.5 times the cost of other reputed brands . but picture quality ,sound quality and also soft ware quality is amazing .It is free of virus hassle ,working condition same as new one
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