Apple becomes first company to be worth $700bn

Helped by their quick growth in China, technology giant Apple has experienced a shares growth of 1.9 per cent at the close, resulting in the company becoming the first in history to reach a market value of $700 billion.

Producers of the hugely successful iPhones and iPads, their shares had risen to $122.02 when the market closed. This resulted in the company’s valuation finishing at an incredible $710.7bn (£465.8bn), a figure which is almost double the value of the second-largest company, the oil company Exxon Mobil.

Apple made $18bn from the last three months of 2014 alone, helped greatly by the huge demand for their larger-screen iPhones. An astonishing 74.5 million iPhones were sold, significantly helping to increase their revenue.

Chief Executive Officer, Tim Cook, said: “We’ve taken iOS (their mobile operating system) and extended it into your car, into your home, into your health. All of these are really critical parts of your life. We want one seamless kind of life.

“We are fortunate to have had a good year. We are not focused on the numbers. We are focused on the things that produce the numbers.”

Analysts fully expect the company to continue growing strongly, with Brian White, of Cantor Fitzgerald, saying that: “Given Apple’s powerful iPhone cycle, a big 4G ramp in China and the upcoming launch of Apple Watch in April, we believe there is still plenty to look forward to during this transformational cycle.”

Cook also unveiled that Apple have an ambitious plan to invest $850 million into creating a Californian solar energy farm, which would be used to power their data centres.

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