Apple Becomes the First to Reach Market Valuation of Over $700B

Image Source: Valuewalk

Image Source: Valuewalk

Apple has reportedly become the first company to hit the $700 billion market valuation, as its shares rose 1.9 percent to close at $122 on Tuesday.

“If you look at what we’ve done in China, we’ve opened more stores there. We’ve opened a lot more distribution there. Through the world, we’ve opened almost 20,000 new points of sale. We’ve opened 27 new Apple Stores, lot of flagship stores,” said Apple CEO Tim Cook at the Goldman Sachs Technology & Internet Conference. Cook said Apple took some $50 billion in revenue in emerging markets over the past calendar year.

Also the company posted record quarterly revenue of USD 74.6 billion and USD 18 billion in profit for its fiscal 2015 first quarter ending December 27, 2014.

While the company would be rejoicing over its achievement, Tim Cook announced that the company plans to spend around $850 million for purchase energy from a solar panel farm that is being built by First Solar in Monterey, California. Apple has agreed to buy the solar power at a fixed low rate over 25 years and the deal is structured as a power purchase agreement (PPA), the largest agreement in the industry to provide clean energy to a commercial end user.

The amount of solar that Apple is purchasing will be enough to provide clean power for its new campus in California, all 52 retail stores and its data centre in the state. The company has committed to use 100 percent clean energy and has been implementing that goal by building and financing solar farms over the past few years.

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