Apple shares hit all-time high ahead of developer conference

Apple Inc shares hit a file excessive for the primary time in 17 months on Monday, forward of an annual software program developer convention, though their market worth remained wanting an all-time peak of US$3 trillion.

Apple is predicted to launch a mixed-reality headset later within the day, which might be its first huge transfer into a brand new product class for the reason that introduction of the Apple Watch 9 years in the past.

Shares of the world’s most useful listed firm have been final up 1.5% at $183.70.They have jumped practically 40% in 2023, in contrast with an 11.5% rise within the benchmark S&P 500.

Apple grew to become the one firm to hit $3 trillion in market capitalization early final yr. It was final valued at $2.89 trillion.

The iPhone maker’s ahead 12-month price-to-earnings ratio is 28.39, in contrast with the sector median of 12.79.

Reporting by Medha Singh in Bengaluru; Editing by Shounak Dasgupta and Anil D’Silva