Apple, world’s most valuable company, announced its market value closing at $542.44 on Wednesday. There are only six other US businesses that have ever passed the $500bn (£314bn) threshold: Exxon, Microsoft, Cisco Systems, Intel and General Electric. However, none of them are near it now, therefore Apple is currently the only firm priced that highly. Furthermore, there are only twenty countries in the world that reached the $500bn gross domestic product mark.
The company’s sales and profits are growing at enormous rates as the popularity of its iPads and iPhones increases. It is expected to make a profit of $40bn in 2012 with its iPad3 launching next week. Its shares are already up 32 per cent this year. Apple has also approximately $100bn of cash on its balance sheet. Investors are hoping that the firm may use some of the reserve to pay out a dividend. Tim Cook assured shareholders that the board is thinking ‘very deeply’ about ways to use the cash.
This remarkable turnaround, for a company that used to be worth only $3.19, took place under Steve Jobs, the revival started with computers, then iPods, iPhones and iPads. Despite all patent and trademark disputes future remains optimistic for Apple, fuelled by the supposed launch of a new iPad next Wednesday. The new iPad is expected to secure Apple’s domination on tablet market and ensure further profit increase.
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