Apple is glowing, as the investment sage, Warren Buffett endorses the giant. Moreover, the stock price is going all-time high as of late. People expert in the field thinks Apple’s market value is going to hit $1 trillion. Thus, Apple’s going to be the first $1 trillion company.
On the eve of the Berkshire Hathaway annual shareholder meeting, the company CEO Warren Buffett revealed that the company acquired $75 million more shares from Apple Inc. Consequently, Apple stock soared high.
CNN reported that “The Oracle of Omaha’s company owns more than 240 million shares of Apple, about a 5% stake. Shares of Apple (AAPL) rose nearly 2% more on Monday. The company is now worth more than $940 billion.”
In fact, the past month was greatly positive for Apple. According to Apple’s financial statement, Apple performed better than it estimated. Actually, iPhone maker forecasted that it would have a low sales in the United States. In contrast, sales grew in Japan and China.
On the other hand, Apple made a huge stock buyback program. A Bloomberg report says that “Since 2012, when management first announced its intentions to do big share buybacks, Apple has shrunk its outstanding publicly traded shares considerably. As of 2013, there were 6.6 billion shares available to the public. Today, that count stands at a little over 5.07 billion shares – a 23.2 percent reduction.”