Apple Reaches $2 Trillion Market Value as Stock Surges to Record

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Apple reached $467.77 a share in morning trading, pushing the company above $2 trillion in market capitalization. 

The valuation of the company has doubled in about two years, and the stock has more than doubled in the past year and is heading for a split. The company said last month that its board of directors approved a four-for-one stock split, meaning that for each share of Apple stock that an investor owns, they’ll receive three additional shares.

The shares will also become more affordable for investors. It is the fifth split since 1987. The most recent move was made in 2014, when it offered a seven-to-one split, CNBC reported. 

Apple reported strong third quarter results in July with earnings per share of $2.58 compared to the estimated $2.05 on sales of $59.69 billion, which compared to the expected $52.29 billion, according to analysts tracked by Results have beaten forecasts in the past nine quarters.