![]() It can distribute the shares across employees or outright cancel and retire them, deeming them worthless. What can Apple do with those repurchased shares? It can store them in the treasury and reissue them at a later time, adding to the company’s value.When that happens, the shares are taken out of circulation, thus reducing the overall market cap. Last year alone, Apple repurchased about $90bn of its own stock. In fact, the iPhone maker has spent more than any other company on share buybacks – over $600bn. Every year, Apple does something called share buyback.That’s when Apple became the first company to be worth $3tn. The figure was about a dollar more than the stock’s previous record of $182.86 a share back in January 2022. Apple stock (ticker: AAPL) notched a new all-time closing high of $183.79 a share.Why Isn’t the Company Worth $3 Trillion as Before? The iPhone maker closed at a new all-time high this week, but still hasn’t topped $3 trillion it hit in early 2022. For the June quarter, Wall Street is eyeing 46mn iPhone sales.ĪAPL: Apple Stock Soars at Record High. iPhone sales, which account for about half of Apple’s revenue, slid 2% in May to a sell-through figure of 14.5mn units. With the second quarter having wrapped up, Apple’s earnings report is about a month away.Still, the company that launched from a garage and turned into a tech kingpin, may be facing some headwinds pretty soon. Its stock is up more than 50%, adding a solid $1tn to eclipse France’s gross domestic product of just under $3tn. The iPhone maker’s valuation has been on a tear this year.Shares in the company closed Friday at $193.97 after a 2.3% daily gain to finish off a stellar first half of 2023. Apple stock (ticker: AAPL) closed above $3tn in market cap, regaining its highly coveted crown as the world’s first corporation to hit that high-water mark.AAPL: Apple Stock Tops $3 Trillion, But Q2 iPhone Sales May Shake Up Valuation Apple shares are up more than 50% to start the year, adding more than $1tn to the company’s market cap.
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