Following the launch of Apple’s sixth-generation iPhone 5, the Cupertino Calif.-based firm added more value to its already valuable stature with its stocks going over $700 per share in after-hours trading.
The iPhone 5 announced by Apple on Sept. 12th broke the all-time high record of the firm by topping sales record of two millions in just 24 hours. As the news hit the web, price of Apple’s shares saw an immediate rise.
Earlier in September, Google Inc. had reached that mark when its stocks traded at $709.98.
Opening at all-time high, trading stocks at $700 has evaluated Apple at around $656 billion. Stocks of Apple have been performing well even after Tim Cook revealed plans of initiating a dividend program, which took effect in July 2012.
Formerly, Apple had never offered shareholders dividends since 1995 and got criticism too as many thought it might lead to short sales of the stock. But now it’s without a doubt that following the iPhone 5 success, investors are now pleased with Apple’s continued hardware and software sales and strategy as they have enough cash piled up!