Apple’s market capitalization exceeded $3 trillion. Shares of the company have risen since Friday by about 2% and reached a new high, overcoming the price of $193.
Apple became the first company to reach a market capitalization of $3 trillion in intraday trading in January 2022, but failed to close at that level. Now she has another such chance.
This suggests that investor sentiment remains bullish, meaning there are expectations for Apple’s stock and portfolio of products and services to rise, despite the company’s warning in May that its revenue could fall by about 3% this quarter.
Investors see the company as one of the bright spots in a turbulent year for the tech industry, which has seen tech giants pledge to “do more with less” amid a “year of efficiency” and cut thousands of jobs.
“In our opinion the Street has severely underestimated the massive installed base upgrade opportunity around iPhone 14 and now a mini super cycle iPhone 15 ahead with roughly 25% of Apple’s golden customer base not upgrading their iPhones in over 4 years,” Dan Ives of Wedbush said.
Apple shares are up about 46% year-to-date.
We will remind that Apple’s sales for the II fiscal quarter, which ended on April 1, fell 2.5% to $94.8 billion despite expectations for a 4.4% drop. The company’s earnings remained at $1.52 per share compared to the forecast of $1.43 per share.