Apple’s market cap closes above $3 trillion for the first time since August

In June, Apple surpassed the $3 trillion valuation for the first time, and then briefly touched that mark again during intraday trading in December 2022. The company’s stock reached all-time highs on July 31, securing Apple’s spot as the most valuable publicly traded U.S. company.

This milestone testifies to Apple’s resilience, as the firm, famed for its iPhone, has seen its stock price surge by over 48% this year, despite reducing its total share count via buybacks.

Investors regard Apple as a solid entity, given its substantial cash flow, global popularity of products, and robust shareholder return programs. This recognition persists even as the company grapples with decelerated growth and market challenges, particularly in regions like China.

In its 2023 fiscal year that commenced in October, Apple declared $383.29 billion in total revenue, showing a roughly 3% decrease from the previous year.

The company issued a warning in November that it doesn’t anticipate annual revenue growth in its crucial December quarter, the first complete quarter with iPhone 15 sales. Looking ahead, Apple plans to launch its Vision Pro virtual reality headset next year, marking its first significant computing platform introduction since the Apple Watch in 2014.