Apple CEO Tim Cook speaks during the Apple Worldwide Developers Conference (WWDC) on June 5, 2023 at Apple Park in Cupertino, California.
Josh Edelson | AFP | Getty Images
appleThe company’s market cap surpassed $3 trillion on Friday, with shares rising about 1% to new highs and surpassing the $190.73 price needed to reach the milestone, according to CNBC’s latest stock price tally.
Apple was the first company to hit $3 trillion in intraday trading in January 2022, but failed to reach that level. It has another chance to do so on Friday.
That suggests investors remain bullish on the stock and Apple’s portfolio of products and services, despite the company warning in May that its current-quarter revenue was expected to decline by about 3%.
Investors saw the company as one of the bright spots in a tumultuous year for tech, with tech giants promising to “do more with less” and laying off thousands of workers in a “year of efficiency.”
“Apple bears and skeptics continue to scratch their heads as many call for a “broken growth story” for Apple this year against a tougher backdrop, and we strongly believe the opposite is true for Cupertino, with next year set to 12 to 18 months into a massive growth revival,” Wedbush’s Dan Ives said in a note Friday.
He added: “We think Wall Street is grossly underestimating the opportunity for massive install base upgrades around the iPhone 14 and now the mini-supercycle iPhone 15, with about 25% of Apple’s prime customer base not upgrading their iPhones in 4+ years. iPhone.”
Shares of Apple are up about 47% so far this year.
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