Apple shares rise to new heights amid excitement over iPhone5.
Apple stock reached an all-time high of $422.86 today amid excitement about an upcoming release of its new-generation smartphone, the iPhone 5.
According to Bloomberg News, shares of Apple have grown by a factor of 91 since 1997, pushing the company’s market value to nearly $384 billion. Apple now rivals Exxon Corp. for the title of world’s largest company in terms of market valuation.
Apple’s amazing success story has been fueled by the development the iPod and other popular consumer gadgets under the leadership of Steve Jobs, who resigned in August. In its third financial quarter ending June 15, Apple posted record quarterly revenue of $28.57 billion and a record quarterly net profit of $7.31 billion.
In the third quarter, the most recent quarter reported, Apple sold 20.34 million iPhones, a year-over-year increase of 142 percent, and 9.25 million iPads, a year-over-year increase of 183 percent. The company also sold 3.95 million computers, a 14 percent increase from a year ago, and 7.54 million iPods, a decline of 20 percent from a year ago. Total revenue was up 82 percent, and profits, 125 percent, giving Apple its best quarter ever.
Apple dominates the computer tablet market, which now includes one-fifth of Millionaire households. Our research shows than 83 percent of these affluent computer tablet users prefer the iPad and iPad2, with Windows-based and Android-based tablets bringing up a very distant second and third of 9 percent and 7 percent, respectively. Senior corporate executives and managers show an even stronger preference for the iPad with 86 percent of executives and 92 percent of managers who own tablets choosing the iPad or iPad2.
Affluent investors use their tablets for a range of purposes, including playing games, looking up financial information, and tracking sports, but the most popular uses are sending e-mails and following the news.
The iPad also appears to be the tablet of choice for school districts around the company who are distributing the tablets to students, who can access textbooks on line, use the technology to take notes and interact with online study guides. According to the Associated Press, suburban and urban school districts throughout the United States appreciate the tools, particularly for children who are visual learners and who have other learning challenges, including autistic spectrum disorders.
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.