Apple’s market capitalization soared to an all-time high of more than $663 billion Thursday morning.
Buoyed by strong iPhone sales and sterling fourth quarter financial results, the Cupertino-based company eclipsed its previous market capitalization record of roughly $658 billion, set in September 2012. Apple’s stock also closed at a record price of $111.25 on Wednesday. This week’s surge came after a few analysts upped their target price for Apple, as the International Business Times noted.
The jump extends the world’s most valuable company’s lead over the field. By comparison, Microsoft’s market cap stood at $408.4 billion on Thursday morning, with Google at $377.7 billion and Facebook at $207.58 billion.
Though Apple has been a stock market darling all fall, its share repurchase program reduced the number of outstanding shares, keeping it from shattering its market cap record until now. Apple is also set to pay out its quarterly dividend of 47 cents per share on Thursday, the International Business Times pointed out.
Above: Under CEO Tim Cook’s leadership, Apple’s market cap has set a new record (Justin Sullivan/Getty Images).
