In Recently Apple made news when its valuation briefly surpassed that of Exxon Mobile Corp. Now it is being reported that the companys valuation is equivalent to the combined net worth of 32 of the largest Euro-zone banks. This is primarily the result of a steep rise in Apples shares, and a corresponding steep decline in the share prices of banks like Spains Santander, Frances BNP Paribas, Germanys Deutsche Bank and Italys Unicredit.
At the time of closing of markets on this Friday, the DJ STOXX euro zone banks index fell 4 percent, valuing its 32 members at $340 billion. That's based on the market capitalization of their free-float shares, which for some French banks in particular is less than 100 percent. Apple on the other hand is extremely cash rich. It has already been reported that in the final days of July, the company had $76 billion in cash, which is about $2 billion more than what the USA Treasury had.
Another amazing fact is that Apples market capitalization is more than that of Microsoft Corp., Intel Corp. and Canadas Research In Motion Ltd. taken together. The companys profits have more than doubled last quarter to $7.31 billion on revenue of $28.6 billion thanks to record sales of iPhones and iPads that now account for about two-thirds of revenue.
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