Apple shares have hit another all-time high for intraday trading on Tuesday afternoon by surpassing the $160 mark for the first time ever. Shares of the company also seemed poised to break a previous record close.
Shares of the Cupertino-based company traded between $161 and $162 Tuesday, representing an increase of about 1.4 percent or around $2, which makes shares of the company the highest percentage gainer in the Dow Jones Industrial Average, MarketWatch reported. Previously, the intraday trading record of $159.75 was reached on Aug. 1, after the company reported better-than-expected earnings for the third quarter. Additionally, Apple shares seem primed to surpass the previous record close of $157.14, which was also set just one week ago.
The rise in stock price gives the company a rough market valuation of around $835 billion. Apple seems to be inching ever-closer on the path to becoming the world’s first trillion dollar U.S. company. It’s now worth $177 billion more than second-place contender Alphabet (currently worth about $656.72 billion) and about $272 billion more than Microsoft, which is currently in third-place at $572.34 billion. Notably, Apple only needs another gain of $32.65 (or around 20.25 percent) to break the trillion dollar mark.
Apple exceeded Wall Street expectations during its earnings call on Aug. 1, posting earnings of about $45.4 billion — mostly driven by strong sales of iPhone, iPad and Mac devices. The company also reported record-breaking earnings in its Services business, which includes properties like iTunes, iCloud, Apple Music, the App Store and Apple Pay. Altogether, Apple’s Services business is currently more valuable than Facebook.
The Cupertino-based company sold about 41 million iPhones, beating Wall Street estimates and shipping about 600,000 more devices than the same quarter last year. As Apple continues to grow, all eyes will likely be on this year’s highly anticipated iPhone 8 — a premium device that’s predicted to spur an “upgrade super cycle” for Cupertino and possibly catapult the company past its $1 trillion milestone within a year.