Apple’s closing price today gave it a market value of us$710.7 billion, making it the first-ever U.S. company to close at over us$700 billion. That’s nearly double the next largest company on the list, Exxon Mobil.
The milestone is a significant one for the company, which previously breached the us$700 billion mark in intraday trading but hasn’t closed above that point until now. Apple shares ended the day trading at us$122.02.
Investors have shown nothing but love for Apple following its stellar first quarter earnings report, which revealed the company made us$18 billion on us$74.6 billion in revenue. Those results mark the most profitable three months ever recorded by any company.
Market value, or market capitalization, is determined by multiplying a company’s share price against the number of shares it has outstanding.