Apple stock hit a new record high this week

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At the close of the stock market on Wednesday this week, Apple stock hit a new record high of $144.57. The stock also reached a new intraday high of above $145 on Friday. The stock has also risen in value by about 17% since the start of June. These new record highs come in just before Apple’s third-quarter earnings are expected to be released on July 27th. Throughout this quarter, Apple has released many new products including AirTags and new M1 iMacs. It is therefore expected to have fairly high earnings.

With Apple’s market cap nearing $2.5 trillion, it is currently the world’s most valuable tech company. Microsoft recently joined Apple in the $2 trillion club last month, and many other tech companies are getting closer.

Analysts from Yahoo Finance expect Apple to set a new third-quarter earnings record of about $72.9 billion, which is up about 22% from the $59.7 billion made in the third quarter of last year. The pandemic has also influenced these results as Apple is experiencing chip and supply shortages for many devices, including iPads and Macs.

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Published to Apple Scoop on 9th July, 2021.