Apple Stock Price Hits Record-High $250 on Day of Streaming Service Launch

A strong earnings report, coinciding with the debut of Apple TV+, pushes the tech giant to a $1.12 trillion valuation

Last Updated: November 1, 2019 @ 10:47 AM

Apple is continuing to reach new heights, with the tech giant’s stock crossing the $250 per share threshold for the first time ever on Friday morning on the day it launched the Apple TV+ streaming service.

A 1.7% jump during mid-day trading pushed Apple to nearly $253 per share. The gains, if they hold through the end of the trading session, will mark a new all-time high for Apple, which went public in late 1980.

Apple’s strong week has pushed its market cap to $1.12 trillion, narrowly pushing it past longtime rival Microsoft as the world’s most valuable company.

The milestone comes a few days after Apple reported better-than-expected Q4 earnings, with its $64 billion in revenue and $3.03 earnings per share both topping analyst estimates. Despite lagging Mac and iPhone sales, Apple has received a Wall Street boost thanks to the growth of its wearables business, which includes the Apple Watch and AirPods, as well as its services business.

Apple TV+ debuted with a handful of original shows on Friday morning. For $4.99 per month, TV+ includes “The Morning Show,” Apple’s big-budget drama series starring Reese Witherspoon, Jennifer Aniston and Steve Carrell. Apple — in a move that will likely boost its early TV+ subscriber count — has offered a one-year free trial of the service to anyone buying new Apple products like the iPhone and Apple TV.

Apple also confirmed to TheWrap on Friday that two episodes of each Apple TV+ series are available for free to those using the Apple TV app. Viewers can watch Episodes 1 and 2 of each of Apple’s original shows before being asked to sign up for the platform’s 7-day free trial — as long as you use the Apple TV app. The $4.99 per month fee kicks in after the 7-day trial expires.

There’s no word yet on how long this promotion, which was not revealed ahead of the streaming service’s launch, will last.

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