Apple has reclaimed the title of the most valuable publicly traded company, which it had first achieved in December 2018 but temporarily lost
With a closing price of $174.24 and a market capitalization of $821.59 billion, Apple surpassed Microsoft and Amazon on the 6th February’19. Microsoft’s market value stands at $813.48 billion and Amazon’s market value is $805.70 billion. The three companies have been in a close race for the top spot since late last year, with Microsoft biding 2018 goodbye on top and Amazon briefly stealing the crown.
Apple suffered a steep loss in the market value in early January. This was after Apple lowered its revenue guidance for the first fiscal of 2019 to $84 billion (down from $89 to $93 billion). The stock dipped nearly 7 percent the day after Apple’s report, which was in spite of the substantial increase in services revenue, mainly because iPhone revenue was down 15 percent.
Apple somewhat steadied its stocks since its earnings release on January 29 where it reported revenue of $84.31 billion and a net quarterly profit of $19.965 billion, that is $4.18 per diluted share.
It was Apple’s second best quarter ever in terms of revenue and profit, even though it ultimately ended up being lesser than expected due to a decrese in iPhone sales.