Apple share price breaks record

Macworld Australia Staff
20 August, 2012
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Apple’s share price hit a record US$648.11 on Friday, beating the previous high of US$644.13 on April 10 and pushing its market capitalisation past US$607  billion.

Apple stocks rose US$11.77 (1.85 percent) following the release of its first quarterly stock dividend since in 1995, with shareholders receiving US$2.65 per share. The move, announced in March by CEO Tim Cook, was in response to Apple’s growing financial savings.

“We have used some of our cash to make great investments in our business through increased research and development, acquisitions, new retail store openings, strategic prepayments and capital expenditures in our supply chain, and building out our infrastructure. You’ll see more of all of these in the future,”Tim Cook said in March.

“Even with these investments, we can maintain a war chest for strategic opportunities and have plenty of cash to run our business. So we are going to initiate a dividend and share repurchase program.”

The stock price on Friday, driven by the ongoing rumours of an iPhone 5 and iPad mini launch in September, means Apple shares have risen almost 57 percent in 2012.



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