Apple Inc has become the first US company to touch the $800-billion valuation. The Cupertino-based company has, according to Bloomberg, reported a surge in the previous fiscal quarter despite a drop in iPhone sales, one of its biggest profit generator.
According to the report, the company's stock rose by 1 per cent on Tuesday to close at $153.99 which yield it a total market capitalization of a massive $803 billion. The shares have registered a rise of 33 per cent from the beginning of this year.
The American company has maintained its profit margins despite a narrow range of products and an acute increment in competition from Asian countries.
"It's just reflective of how powerful a franchise it is. It may be the most powerful franchise in the country today," said Rick Meckler, president of LibertyView Capital Management in Jersey City, New Jersey, whose firm does not own the stock.
"Considering that it has a limited number of products, it has really dominated that market in a way that few companies have, and it's been able to retain margins despite lots of competitors."
Apple had reported a surprise fall in iPhone sales for its second quarter on Tuesday, indicating that customers may have held back purchases in anticipation of the 10th-anniversary edition of the company's most important product later this year.
The company sold 50.76 million iPhones in its fiscal second quarter ended April 1, down from 51.19 million a year earlier.
Analysts on average had estimated iPhone sales of 52.27 million, according to financial data and analytics firm FactSet.
Apple CEO Tim Cook has previously emphasised on the company's new diversification methods for higher profit margins.