With the increasing demand of smartphones and gadgets and its soon to be released smartwatch, it is no wonder that Apple is the first company to reach a market value of $700 billion.
The company’s shares reached a new high price ($122.02) after its recent 1.9% rise. This recent event made Apple the first ever company to be worth $710 billion.
Tim Cook, Apple chief executive talked about the company’s growth at the Goldman Sachs Technology & Internet Conference. He spoke about how the iOS (the company’s own operating system) is now included in our everyday activities and that soon, it will even contribute to maintaining the our health (with the help of the new smartwatch).
He also made a reference to Apple’s ever growing popularity and the increasing popularity of Apple products, leading to the company’s decision to open new stores in China and 20,000 new points of sale worldwide.
In addition to this, Cook also mentioned that the company managed to obtain an additional $50 billion from the sale of Apple products on newly developing markets around the world.
Some financial analysts, like Cantor Fitzgerald, consider that Apple’s popularity will bring further growth in the company’s market value. His arguments are based on “Apple’s powerful iPhone cycle, a big 4G ramp in China and the upcoming launch of Apple Watch in April”.
And it doesn’t stop here. Apple’s recent payment service app called Apple pay, which allows users to make payments with a simple tap on their iPhones, is gradually adopted by many facilities and companies. This and the upcoming release of the Apple watch will surely help the company maintain its title of “most valuable company in the world”.
Besides further developing its apps and gadgets, Apple is also investing in solar energy. The company is teaming up with First Solar through a 848 million dollar power purchase agreement (PPA) contract which states that Apple will receive solar power through California Flats Solar Project for a period of 25 years.
The 2,900 acre solar project is situated in California, in the Monterey County. The project is set to begin by the middle of the current year and is expected to be ready for implementation by 2016.
With all of these projects, it is no wonder that Apple dethroned the oil giant Exxon Mobil.
Image Source: Smarter Analyst