Apple Inc shares rose nearly 5 percent on Wednesday, pushing the iPhone maker’s market valuation back toward $1 trillion as its quarterly report and upbeat forecast soothed investors worried about falling iPhone sales, ONArpeorts quoting Reuters.
Apple has been jockeying with Microsoft Corp and Amazon.com for the title of most valuable U.S. company as all three have passed the symbolic trillion mark.
The Cupertino, California, company first breached a trillion-dollar valuation in August last year. But it fell back as signs emerged of weak demand for its newest iPhones, especially in China, the world’s biggest smartphone market.
Apple’s shares ended 4.91% higher on Wednesday, valuing it at around $969 billion, based on shares outstanding as of April 22.
That left its stock market value ahead of Amazon and just behind Microsoft, with a market capitalization of $980 billion.