Apple, a $500 Billion Company as iPad 3 Launch Looms

With the launch of the much anticipated Apple iPad3 probably just around the corner, the Cupertino based tech giant has seen a sudden hike in its stock prices which made it a company with a market value of approximately $500 billion.

On Tuesday, the share prices of Apple underwent nearly 2.0 per cent increase, thus pushing the overall market evaluation of the company all the way to $504 billion. Apart from Apple, the list of other tech companies to have been proud members of this exclusive $500 billion club includes Microsoft, Intel and Cisco notes Financial Times.

Experts are of the opinion that when the long-awaited third generation iPad finally hits the store shelves, it will not just strengthen the company's grip over the consumer tech market, but will also beef up the revenue figures to a new height.

In just a span of 1 year, Apple has added $175bn to its market value and according to a prediction by FactSet, for fiscal year 2012 Apple wants its price and earnings to be in a ratio of 11:1. As it stands after the close of the trading session, Apple's net worth is at $499 Billion.