Apple stock price hits $500 for first time

Shares in the company close at $502.60 at end of trading on Monday

Shares in Apple hit the $500 mark for the first time ever at the close of trading on Monday.

The news comes on the back of a record-breaking quarter for the company, in which its net profit more than doubled to $13.06bn.

The company is now worth $460bn, a far cry from 1997 when Apple shares were worth a lowly $3.19 and the company faced bankrupcy.

At the close of trading yesterday Apple stock was worth $502.60 - that's £319.68 - and as Apple Insider] reported last week, it is worth more than Google and Microsoft combined.

Central to Apple's efforts to staying ahead of its rivals will be the launch of a third-generation iPad, which is likely to happen within the next month or two, as well as a sixth-generation iPhone and possibly a foray into the smart TV market later this year.

It is also thought that Apple is planning to boost its Mac line-up - which has gone from strength to strength in the UK and European markets despite a general downturn in PC sales - with a completely redesigned MacBook Pro that may launch in the second quarter of this year.

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Ben Camm-Jones

Macworld U.K.
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