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Apple shares climb above $500 in yet another milestone for the tech giant

Shares in Apple reached $500 a share for the first time ever on Monday, setting another high water mark for the US multinational.

Apple shares record 2012 02 13Enlarge
Currently worth $468 billion, Apple has continued to expand its lead as the world’s most valuable company. (Justin Sullivan/Getty Images)

Shares in technology giant Apple reached $500 a share for the first time on Monday, capping an incredible turnaround for the California-based multinational whose shares once traded for as little as $3.19 in 1997, when the risk of bankruptcy loomed.

Monday’s trading prices set yet another high water mark for the company, which was revived under the late Steve Jobs through pioneering design developments in computers, and subsequently through the iPod, iPhone and iPad products.

Last month Apple reported record-breaking net profits for the final quarter of 2011, with near-unprecedented iPhone and iPad sales pushing its holiday quarter profits to $13.06 billion, up 118% from the same period in 2010.

The profits were the fourth-biggest in US corporate history, according to the BBC.

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“It reminds us all of the amazing transformation of Apple over the past eight years,” Timothy Ghriskey, who owns Apple, said today in an interview with Bloomberg.

“We think the stock has higher to go, $600 is next,” he added. “It’s still an inexpensive stock for a company that is executing at the very highest level and continues to innovate.”

Apple has continued to expand its lead as the world’s most valuable company. It is currently worth $468 billion, enjoying a healthy lead over ExxonMobil, which has a market cap of about $398 billion, according to Fox Business.

Reports suggest that Apple is set to announce the third generation of its iPad tablet computer next month. 

More from GlobalPost: Apple in a legal battle for the iPad name?

http://www.globalpost.com/dispatch/news/business-tech/120213/apple-shares-climb-above-500-yet-another-milestone-the-tech-giant