Landmark: Apple Becomes First Company To Break $700 Billion Market Value

The United State Based Tech giant, Apple, has recorded another landmark by becoming only the first company in history to break through the market value of $700 billion.

Presently, Apple is worth $710 billion, this was as a result of her market Shares surging by over 1.9 percent to close at $122.02.

The U.S. tech giant recently posted record revenue of $74.6 billion (£49.2bn) for the three months to December 31, outstripping the quarterly GDP of Israel, Greece or Denmark.

Apple's cash pile is now $178 billion (£117bn), the equivalent to $556 for every American and bigger than the £95billion budget for Britain's National Health Service.

Mailonline.com reports that Its landmark performance was driven by record-breaking sales for its iPhone 6 and 6 plus, with the firm revealing it sold 34,000 handsets every hour for the entire quarter.

Apple chief executive Tim Cook, speaking at the Goldman Sachs Technology & Internet Conference, said Apple was hitting its stride.

'We've taken (the mobile operating system) iOS and extended it into your car, into your home, into your health. All of these are really critical parts of your life,' Cook said.

'We want one seamless kind of life.

'And so, I think that is huge for our future...We also did a lot of things to further our global footprint. And so, if you look at what we've done in China, we've opened more stores there.

'We've opened a lot more distribution there. Through the world, we've opened almost 20,000 new points of sale.

'We've opened 27 new Apple Stores, lot of flagship stores.'

Cook said Apple took some $50 billion in revenue in emerging markets over the past calendar year.

Brian White, analyst at Cantor Fitzgerald, said the leading tech company has even more room to grow.

'Given Apple's powerful iPhone cycle, a big 4G ramp in China and the upcoming launch of Apple Watch in April, we believe there is still plenty to look forward to at Apple during this transformational cycle,' he said in a note to clients.

'At the same time, we believe Apple's valuation has room to expand from depressed levels.'

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Primary Source: mailonline.com
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