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Technology major Apple’s market value is close to hitting the $3 trillion mark after its shares rose on Thursday following the company’s major new product launch.
Shares of Apple, the world’s largest company by market value, were up 0.2 per cent at $189.62 at 10.45pm UAE time on Thursday, giving it a market capitalisation of $2.98 trillion.
The company’s stock has surged more than 50 per cent since the start of the year and more than 36 per cent in the past 12 months.
Apple’s shares have gained after the launch of its augmented-reality headset Vision Pro this month.
Vision Pro, which will be available next year, is the company’s first major product launch since the Apple Watch in 2015 and is priced from $3,499.
The iPhone maker’s shares had been strengthened by the rapid digital adoption around the globe at the peak of the Covid-19 pandemic.
The company’s market value touched $2 trillion in August 2020 and briefly passed $3 trillion in January 2022.
But supply chain problems and concerns about a slowing global economy reversed the trend.
In January this year, Apple dropped below $2 trillion for the first time since March 2021.
The company posted a quarterly revenue of $94.8 billion, down 3 per cent annually, in three months to April 1. Its net profit dipped 3.4 per cent yearly to $24.1 billion during the period.
In September, during its annual product launch event, Apple launched a series of new products to attract high-spending and budget-conscious consumers through a mix of new offerings.
The new products included the 5G-enabled iPhone 14 series, the Apple Watch 8 Series and new AirPods.
This month, it also launched a 38cm version of its best-selling MacBook Air at its annual developers’ conference to strengthen its position in the highly competitive laptop sector.
Apple is not the only company whose share prices have surged in the past few months.
The world’s biggest electric vehicle maker, Tesla, has jumped 136 per cent and Facebook parent Meta has soared nearly 126 per cent since the start of the year.
Updated: June 29, 2023, 7:12 PM
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