Apple’s shares top $600 for first time since 2012

Strong earnings and the tech giant’s 7-to-1 stock split announcement could be the reason for the rising stock price.

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James Martin/CNET

Apple's stock appears to be reaching the high notes again. During after-hours trading on Monday the company's stock shot up past $600 -- this is the first time Apple has seen these kinds of numbers since 2012.

Shares of Apple were at $600.96, up $8.38, or 1.4 percent, during late trading on Monday -- coming close to where the stock sat in September 2012, but far from the high of $705.10 that same year.

Investor confidence seems to be up because of record sales numbers in the last quarter of 2013 and strong earnings in the second fiscal quarter of 2014, which saw revenue of $45.6 billion and a profit of $10.2 billion.

Also, the boost in numbers could be due to Apple's recent announcement of a 7-to-1 stock split. The company said last month that it will give shareholders far more cash than originally anticipated -- the total equals $130 billion, which is designed to make shares more accessible to investors.

Apple's stock declined more than 20 percent in fall 2012 after its fumbled rollout of its Maps app and the lackluster release of the 7.9-inch iPad Mini, which was seen by some as an example of lack of innovation at the company. Since then the company has seen a steady recovery.

CNET contacted Apple for comment on its rising shares. We'll update this story when we have more information.

 

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