The price of Apple shares reached $350.70 yesterday after the US consumer electronics giant released its second quarter results, which comfortably surpassed analysts' predictions.
The company registered a whopping 95 per cent profit growth year on year as well as a record 83 per cent growth in revenue, with sales of the iPhone handset fuelling Apple's ascent thanks to a 113 per cent rise in sales.
Apple's market capitalisation reached $323 billion, which is just under twice that of Google or more than Intel and IBM put together, making it by far the biggest company in Silicon Valley by market capitalisation.
The company reached more than $23 billion in terms of revenue for the quarter, which brings Apple within touching distance of the $100 billion target for the four quarters.
Steve Jobs, the CEO of the company said “With quarterly revenue growth of 83 percent and profit growth of 95 percent, we’re firing on all cylinders, We will continue to innovate on all fronts throughout the remainder of the year.”
Apple sold nearly 19 million iPhones for the quarter, an exceptional result bearing in mind that the handset is set to be replaced by the iPhone 5 within months.
Furthermore, the company flogged a staggering 4.7 million iPad tablets which is even more noteworthy given that the data relates to sales occurring until the end of March and doesn't fully take into account, sales of the iPad 2.