Shares in tech giant Apple have crossed $500 a share for the first time. It tops off what can only be said as a remarkable turnaround for the iPhone maker, whose shares were once worth $3.19 in 1997, when it faced bankruptcy. Apple is now worth $460bn.
The company’s thrived under Steve Jobs, who passed away last year. It turn around, came about first in computers and then the iPod music player, then followed by the iPhone and iPad.
Last month, Apple reported record-breaking net profits for the last three months of 2011, up 118% to $13.06bn from the same period a year earlier. The profits were the fourth-biggest in US corporate history.
Apple has been locked in an escalating patent war with rivals Google and handset-makers such as Samsung and HTC over their operating systems. Recently apple, filed a motion in US court that would ban Samsung’s Galaxy Nexus, which uses Google’s Android.
Apple is poised to announce the third generation of its iPad next month.
The Fair Labor Association is set to audit several apple suppliers, including Foxconn in China, at Apple’s request. Apple chief executive Tim Cook said: “Workers everywhere have the right to a safe and fair work environment.”