Apple shares reaches $300 for the first time

Apple Inc.’s share has crossed the $300 mark for the first time. The shares of the company rose 2.3% to close at a record $300.35. This gain was in stark contrast to the gloomy start that the company had in 2019 when it cut its sales forecast for the first time in almost two decades exactly a year ago. Despite the setback, Apple went on to outperform all other megacap technology stocks in 2019 with a gain of 86%, its best year in a decade.

Investors are positive about the smartphone maker’s consumers and its ability to leverage auxiliary products like the Apple Watch, AirPods and Apple TV and major hardware upgrade cycles for the iPhone and iPad every few years.The company has also promoted its user base as a key to generating recurring revenue from services like iCloud storage subscriptions, streaming service Apple TV+, Apple Music and AppleCare.

During the fall, the company is expected to come up with its 5G next generation handset. The company is also expected to release a new low-cost phone in the first half of the year.