Apple touches $1 trillion market cap again after iPhone launch

Tim Cook on stage at Apple’s September 10, 2019 event.Source: AppleApple touched a $1 trillion market cap in intraday trading again on Wednesday, following its announcement Tuesday of a slew of new products, including the iPhone 11.Apple’s share price was up over 2% during intraday trading on Wednesday, trading at one point at $222.34.If the milestone holds, it won’t be the first time that Apple has had a market cap over $1 trillion. It first hit the mark in August 2018, but since fell under the symbolic benchmark after Apple’s stock price dropped during a period in December and January after a rough period where iPhone sales in China disappointed. Apple has also bought back millions of its own shares, raising the stock price threshold needed for a $1 trillion market cap.Apple isn’t the only $1 trillion technology company. Microsoft currently has a larger market cap than Apple at $1.04 trillion during trading on Wednesday.Apple held its annual iPhone launch event on Tuesday, revealing new iPhone, Apple Watch, and iPad models, including a $50 price cut for the iPhone 11, the entry-level model.

Source: CNBC

Related posts