Apple worth $655B on back of iPhone 5

Sept. 18, 2012 at 3:09 PM

CUPERTINO, Calif., Sept. 18 (UPI) -- Stock of U.S. technology giant Apple hit a high above $700 Tuesday, as the world's most valuable company ever adds to its value.

With the iPhone 5 on the market -- and with the company saying it sold more than 2 million of the smart phones on its first day of pre-orders -- Apple is now valued at $655 billion, the Los Angeles Times reported.

Apple became the most valuable company ever, when its valuation reached $623.1 billion on April 20. Its stock was worth $664.74 per share at that point.

The most valuable company previously was Microsoft Corp., which was worth $620.6 billion in 1999, although was worth only $257.6 billion as of August.

More recently, Apple became No. 1 when it surpassed Exxon Mobil in market capitalization in August 2011.

Currently Exxon Mobil is worth $406 billion.

On Tuesday, the price for Apple stock hit $701.44 in midmorning trading.

Related UPI Stories
Latest Headlines
Trending Stories
Ted Cruz campaign pulls ad featuring softcore porn actress
Report: Clinton Foundation subpoenaed by State Dept. watchdog over charity projects
Ruby Rose, Gigi Hadid react to Kanye West's lyric about Taylor Swift
Kristen Wiig impersonates Peyton Manning on 'The Tonight Show'
NYC police officer found guilty of manslaughter in Brooklyn stairway shooting