Tech

Apple stock hits record $500-a-share

Published Monday, Feb 13 2012, 19:15 GMT | By Mark Langshaw | 1 comment

Apple Inc. fans wait in line in front of a shop in Tokyo

Apple's stock has reached an all-time high of $500 (£317) per share.

The tech giant was on the brink of bankruptcy in 1997 with shares at $3.19 (£2) each, but the latest prices push the company's value to $460 billion (£291bn).

Apple reported record net profits of $13.06bn (£8.36bn) during the last quarter, a 118% year-on-year increase. The figures were the fourth-biggest in US corporate history.

The company's late CEO Steve Jobs, who rejoined Apple in 1997, led its revival with a refreshed line of Mac computers, followed by the launch of the iPod and the iOS devices that arrived later.

Apple is currently locked in a host of bitter patent disputes with rival tech firms, including Samsung and Motorola. The firm recently moved to ban Samsung's Galaxy Nexus, which is powered by iOS competitor Android.

A next generation model of its iPad tablet has been strongly rumoured for a March launch.