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The Tech News Blog

February 29, 2012

Apple Now Worth Over Half a Trillion Dollars

Apple's market capitalization topped half a trillion dollars on Wednesday, an upward trend that has continued since last December.

At press time, Apple's market cap (the share price multiplied by the shares outstanding) stood at $507.7 billion, making it still the largest company in the world. Exxon Mobile ranks second, with a market cap of $409.11 billion as of Wednesday.

Apple's share price has risen steadily since Dec 20, when it stood at just under $396 per share. Since then it has climbed to where it stood at press time, or just over $544, an increase of 37 percent in just over two months.

Apple investors appear to be coasting on the momentum of Apple's fourth-quarter earnings, where the company reported record highs in profits and revenues. Apple sold a record number of iPhone 4S phones, and said that those numbers could have been higher if not for a backlog of parts and the Chinese market, where Apple hasn't yet sold the iPhone 4S.

Apple also sold 15.43 million iPads during the quarter, a 111 percent unit increase over the same period a year ago.