Price Of Apple Shares Reach $600

Price Of Apple Shares Reach $600

The increase in the price of Apple shares may be attributed to solid earnings of the company and the announcement of a 7-to-1 split by the company. The stock of the tech giant went beyond the $600 level during after-hour trading recently. This is the first time the shares of the company reached this level since 2012.

Late trading last Monday showed the price of Apple shares reaching $600.96, an increase of 1.4 percent or $8.38. Although the closing price on Monday was at the same level as September 2012, it was lower than the highest it reached in the same year at $705.10.

Record-high sales figures near the end of 2013 and solid second fiscal quarter earnings in 2013 appear to buy investor confidence. Revenue and profits of the company reached $45.6 billion and $10.6 billion, respectively.

The recent 7-to-1 stock split announcement by the company also appeared to increase the figures. An announcement by the company last month indicated that shareholders will be receiving more cash than what was initially expected. The total cash is around $130 billion. The stock split is aimed at increasing the accessibility of the shared to investors.

Shares of the company went down in 2012 by over 20 percent following the failed rollout of the Maps application of the company. The uninspiring launched o the 7.9-inch Apple iPad Mini also contributed to the decline in the stock of the company. The device was considered as a case of the absence of innovation within the company.

However, the company has gradually recovered ever since 2012. For the moment, no statements were released in connection to the increase in the price of Apple shares recently.

Posted by James Fried on Wednesday May 07 2014, 1:53 AM EST. Ref: CNET. Link. All trademarks acknowledged. Filed under Featured News, Finance. Comments and Trackbacks closed. Follow responses: RSS 2.0