Apple Introduces Two New iPhone Models At Product Launch
Apple CEO Tim Cook speaks during an Apple product announcement at the Apple campus on September 10, 2013 in Cupertino, California. Justin Sullivan—Getty Images

Apple Is Now Worth Over $700 Billion

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:

An artist's concept of an Apple Watch by Chanel.
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An artist's concept of an Apple Watch by Chanel.Finz Lo—Highsnobiety
An artist's concept of an Apple Watch by Chanel.
An artist's concept of an Apple Watch by Alexander Wang.
An artist's concept of an Apple Watch by Maison Martin Margiela.
An artist's concept of an Apple Watch by Givenchy .
An artist's concept of an Apple Watch by Louis Vuitton.
An artist's concept of an Apple Watch by Chanel.
Finz Lo—Highsnobiety
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