Apple beats Microsoft, becomes Most Valuable Firm
TNI Bureau: Technology giant Apple Inc. from the US has turned out to be the most valuable public company as it hit recently the point of $623 billion market value in intraday trading surmounting the previous record set by Microsoft at $618.9 billion.
As per CNNMoney, the previous record was created by Microsoft on Dec 30, 1999 as its stock rose to a new height of $664.74 per share.
The iPhone marketing of Apple is basically responsible for this high fiscal growth of the company. In this point of time, the anticipated September launch of the new iPhone, and the rumors of a smaller iPad and a more feature-rich Apple TV have hauled up the stock in recent weeks.
Apple has drastically grown in the last few years. The company was reportedly struggling at a value of less than $10 billion merely 8 years back in 2004, but it radically rose and became unstoppable since last 3 years.
It is also learned that the iPhone business of Apple alone only takes home more money than Microsoft. Adding to that, the iPad has become a multi-billion dollar product for Apple. However, Microsoft still holds the record for most valuable company on the stock market if inflation is taken into account.