Apple’s stock actually sunk into a prolonged descent that pushed its market value briefly below $2 trillion earlier this year amid a slowdown in growth and investor jitters about rising interest rates that affected the entire tech sector.Its stock began to rise again earlier this month after it"Apple invested heavily in services before the pandemic, and it’s starting to bear fruit," David Russell, vice president of market intelligence at the TradeStation Group, told FOX Business.
"Higher-priced iPhones are boosting margins and investors are now looking into the future and expecting more positives with about a quarter of a billion handsets due for upgrade soon. Apple is also entering the Indian market, which opens a bigger growth potential," Russell added.GET FOX BUSINESS ON THE GO BY CLICKING HEREApple CEO Tim Cook speaks during an announcement of new products on the Apple campus Monday, June 5, 2023, in Cupertino, Calif.
Apple closed at $2 trillion for the first time less than two years ago in August 2021. It topped $1 trillion about two years before that. "It's a testament to one of the greatest publicly traded companies that's ever existed," Art Hogan, a chief market strategist for B. Riley Wealth, said, according to Reuters. "It continues to grow and diversify its revenue streams, has shareholder-friendly management, buys back shares, throws off a dividend and has a fortress balance sheet with strong and defendable cash flows.
Before late co-founder Steve Jobs returned to the company in 1997, after being pushed aside by then-CEO John Sculley in 1985, the company was near bankruptcy and had to ask rival Microsoft for a cash infusion. Since its comeback, Apple's worth has steadily risen, helped in no small part by the introduction of 2007's revolutionary iPhone.
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