BANNER: Apple market cap pasts US$700b
In this September 5, 2014 file photo, the Apple logo hangs in the glass box entrance to the company's Fifth Avenue store, in New York. Apple, already the world's most valuable company, surpassed US$700 billion in market capitalization Tuesday, November 25, 2014, as its stock hit another all-time high. The company unveiled the latest version of the iPhone two months ago and sales have been surging. During its last quarter, Apple sold 39.3 million iPhones and said that it expected revenue from the sale of all of its products to come in between US$63.5 billion and US$66.5 billion in the current quarter. Apple shares have risen 48 per cent in 2014 and the company announced its first stock split in nine years. While Apple is the first S&P 500 company to exceed US$700 billion in value, Microsoft Corp, if adjustments are made for inflation, had an even greater market cap about 15 years ago. Its US$613 billion market cap in 1999 would be worth US$874 billion today.