Apple’s stock reached a new all-time high today, hitting nearly $160 per share.
A 6 per cent morning boost increased the company’s valuation by a staggering $50 billion in a matter of minutes. The stock closed up nearly 5 per cent for a market valuation of $820 billion.
Apple is so massive that its share jump nudged the Dow Jones Industrial Average over 22,000 for the first time ever.
The company’s stock is on the rise after a strong quarter, during which iPhone, iPad, and Mac sales all increased year-over-year, and revenue clocked in at $45 billion, above analyst expectations.
During the quarter, Apple sold 41 million iPhones (up 2 per cent), 11.4 million iPads (up 15 per cent), and 4.3 million Macs (up 1 per cent).