Apple’s shares pass $500 for the first time
APPLE’S shares topped $500 for the first time ever yesterday, in a new milestone that underscores the technology giant’s place as the world’s most valuable company by market value at around $460bn.
The company’s shares have surged by more than 20 per cent so far this year, after the success of its iPhones and iPads helped the group post record-breaking quarterly profits last month of $13.1bn (£8.4bn).
The California-based firm recently overtook oil giant Exxon as the world’s most valuable company. Rival technology firm Google has a market cap of $198m and Microsoft of $256m, making Apple bigger than both companies put together.
Meanwhile, the computing giant said it has agreed to let a US non-profit labour group inspect working conditions at its main contract manufacturers, including Foxconn’s plants in southern China.
The Fair Labor Association will audit several suppliers and interview thousands of employees, as Apple attempts to counter criticism that it was glossing over problems at these facilities.
Apple’s shares closed up 1.86 per cent yesterday at $502.60 after reaching $503.83 earlier in the day.