Apple's $1 Trillion Valuation Is Further Away Than It Looks

Updated share count shows market value is around $969 billion
IPhone maker last topped the closely watched level in November

Julie Ask, Forrester principal analyst, discusses Apple Inc.’s second-quarter earnings and forecast.Source: Bloomberg)

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By Ryan Vlastelica

May 1, 2019 at 4:30 PM UTC

Updated on

May 1, 2019 at 10:08 PM UTC

This article is for subscribers only.

It may have seemed like Apple Inc. retook its trillion-dollar market capitalization Wednesday morning, when the stock rallied on better-than-expected second-quarter results. But it was more mirage than milestone.

While the iPhone maker is hovering near re-entry into the 13-digit club, along with Microsoft Corp. and Amazon.com Inc., it falls short because of its hefty buyback program. Apple had 4.601 billion shares outstanding as of April 22, according to a filing late Wednesday. The stock’s 4.9 percent advance to $210.52 on Wednesday equates to a valuation around $969 billion.