Apple breaks another record as share price surges above $134.5, market cap rises to $775bn

Apple's share price just won't quit. 

 

Shares in the iPhone maker have reached another new high – this time the share price peaked at $134.54 during early trading. That gave it a market cap of more than $775bn. 

 

It has slipped back down now to around $131.5 – and its market cap has likewise dropped to a mere $764.15bn.

 

Back in January, Apple neared the $700bn barrier. That was dwarfed in February when its share price soared to $131.44, pushing the market cap up to $770bn.

 

Today's surge followed yesterday's strong set of results, with a 27 per cent increase in revenues to $58bn (£38bn) for the second quarter, with profits rising to $13.6bn, up from $10.2bn last year. 

 

Much of this was powered by sales in China, which offset declining iPad sales. 

 

Investor Carl Icahn has previously said he believes Apple is worth more than $1 trillion. Certainly Tim Cook and team appear to be edging ever closer to that historic market cap.