Apple once again the world’s most valuable company

January 30, 2012

business, news

Record quarterly reports that completely blew market expectations out of the water have led to Apple regaining its position as the world’s most valuable company.

Apple logoThe company’s first-quarter profits have now more than doubled year-on-year, in turn leading to the company’s share price jumping by 6.65pc to $448.5 per share in early trading.

This in turn, has led to Apple having a market cap of around $418bn – allowing it to surpass Exxon and once again gain the highly sought after title of “the world’s most valuable company”.

These figures were propelled by sales of the iPhone – which sold around 7 million more units than analysts were expecting it to in the final three months of last year. Similarly, the fact that iPad tablet computers sold over 2 million more units than analysts were expecting it to -which couldn’t have hurt either!

It’s believed that sales of the brand were strengthened due to the Christmas rush and the release of the iPhone 4s, as well as the sentimentality that was directed towards the company after the death of its founder Steve Jobs died of pancreatic cancer in October.

Tim Cook, who replaced Jobs as chief executive of Apple just before his death, said: “Apple’s momentum is incredibly strong, and we have some amazing new products in the pipeline.”

Michael Obuchowski, chief investment officer at First Empire Asset Management, said: “Those numbers are just unimaginable. It’s still an extremely well-managed company and they are showing that the product pipeline is sufficient even now to generate growth rates that are unrivalled.”

It looks like financial figures could be getting even better for the company as well. Reportedly, 85 million people have now signed up for their recently launched iCloud service, which will enable consumers who own various Apple devices to easily transfer music and other content between them.

What do you think? Did you buy an Apple product in the run up to Christmas? Let us know below!

Share

Related posts:

  1. Apple Reports Record Sales!
  2. War of the Worlds : Student Finance vs Life
  3. Financial news round-up
, , , ,