Apple becomes first US company worth over $700 billion

Apple has become the first US firm to hit $700bn value following the success of its latest generation of iPhones.

18:09 11 February 2015

Apple has once again made history as it becomes the first-ever US company to hit $700bn in value. This came after the huge success of its latest generation of iPhones.

Currently, it is almost twice the size of the next biggest company, oil producer Exxon Mobile at $385bn.

Following the news, Apple’s share jumped almost 2per cent in the trading session, closing at $122.02.

The company has previously crossed the $700bn line but Tuesday was the first time any US company had finished the day above that line.

Last month, the company reported the biggest quarterly profit of $18bn for the final three months of 2014 when iPhone and iPhone 6 Plus hit the market.

On Tuesday, the company announced that it will spend about $850million on a solar energy project, aimed at generating enough power for its new corporate headquarters in Cupertino.  CEO Tim Cook said that it is Apple’s response to concerns about climate change.