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Apple Stock Smashes $500 Barrier, Backs FLA Investigations

Author:
Matt Gardner
Category:
News
Tags:
apple, Foxconn, Google, Microsoft, Shares

Apple Stock Smashes 0 Barrier, Backs FLA Investigations

Not content with simply being the world's most valuable company, Apple smashed through the $500 dollar share price barrier yesterday, with the end of the trading day having seen the iCompany's stock finish on £502.60.

Apple now have a market capitalization of roughly $465 billion, which is 17 percent more than Exxon Mobile's $400 billion. The two of them had been leapfrogging one another in the bid to be the world's most valuable company, but off the back of huge sales for the iPhone 4S and the iPad 2, Apple are leading the charge.

It was calculated towards the end of last year that Apple are now worth more than Microsoft and Google combined.

Apple Insider reported that "in the quarter ending in December 2011, Apple earned $13.06 billion on sales of 37 million iPhones, 15 million iPads and 5.2 million Macs. Overall revenue for the period was $46.33 billion.

"During the last quarter, the iPhone saw massive profit margins that equalled 36 percent of all worldwide mobile phone revenue and 74 percent of industry EBIT on sales that accounted for only 9 percent of units sold."

Of course, Apple came under heavy criticism last month for allegedly turning a blind eye to sweatshop working conditions at supply chain partners such as Foxconn, and yesterday announced that the Fair Labor Association would be conducting special voluntary audits of Apple's final assembly suppliers.

"We believe that workers everywhere have the right to a safe and fair work environment, which is why we've asked the FLA to independently assess the performance of our largest suppliers," said Apple boss Tim Cook.

"The inspections now underway are unprecedented in the electronics industry, both in scale and scope, and we appreciate the FLA agreeing to take the unusual step of identifying the factories in their reports."

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