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International

Apple market cap closes above $900 billion

15:45, Thursday, 09 November, 2017
Apple market cap closes above $900 billion

Apple shares hit an all-time intraday high on Wednesday, according to FactSet, and closed with a market capitalization above $900 billion for the first time. The stock closed at $176.24, giving it a valuation of $904 billion.
     Apple is fresh on the heels of the release of the iPhone X, which garnered critical acclaim despite a high price tag and short supply.
     The company's balance sheet is also in better shape than Wall Street thought. Apple reported quarterly earnings this month that were above expectations and revenue that topped estimates, as the iPhone 8 series got off to a fast start, and Macs reached record revenue for the 2017 fiscal year.
     Apple also stands to be one of the biggest beneficiaries of a proposed tax reform on repatriation of foreign earnings.
     Apple has about $268.9 billion in cash, according to the company's quarterly earnings report. About $252.3 billion, or 94 percent, is held by foreign subsidiaries. About 63 percent of Apple's total net sales come from overseas.

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