![Apple Introduces Two New iPhone Models At Product Launch Apple Introduces Two New iPhone Models At Product Launch](https://api.time.com/wp-content/uploads/2015/02/180239361.jpg?quality=85&w=2400)
Apple’s closing price Tuesday gave it a market value of $710.7 billion, making it the first-ever U.S. company to close at over $700 billion. That’s nearly double the next largest company on the list, Exxon Mobil.
The milestone is a significant one for the company, which previously breached the $700 billion mark in intraday trading but hasn’t closed above that point until now. Apple shares ended the day trading at $122.02.
Investors have shown nothing but love for Apple following its stellar first quarter earnings report, which revealed the company made $18 billion on $74.6 billion in revenue. Those results mark the most profitable three months ever recorded by any company.
Market value, or market capitalization, is determined by multiplying a company’s share price against the number of shares it has outstanding.
Here’s a quick look at how Apple has performed since 1998, the first full year after late CEO Steve Jobs returned to the company:
See How the Apple Watch Might Look if Reimagined by Fashion's Top Designers
![An artist's concept of an Apple Watch by Chanel.](https://api.time.com/wp-content/uploads/2014/09/watch_chanel1.jpg?quality=75&w=2400)
![An artist's concept of an Apple Watch by Alexander Wang.](https://api.time.com/wp-content/uploads/2014/09/watch_awang1.jpg?quality=75&w=2400)
![An artist's concept of an Apple Watch by Maison Martin Margiela.](https://api.time.com/wp-content/uploads/2014/09/watch_mmm.jpg?quality=75&w=2400)
![An artist's concept of an Apple Watch by Givenchy .](https://api.time.com/wp-content/uploads/2014/09/watch_givenchy.jpg?quality=75&w=2400)
![An artist's concept of an Apple Watch by Louis Vuitton.](https://api.time.com/wp-content/uploads/2014/09/watch_lv.jpg?quality=75&w=2400)
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