It’s a good time to be an Apple shareholder. Apple’s stock price continues to soar, reaching over $300 in pre-market trading on Wednesday. Apple (AAPL) has turned in a bumper crop of iPads, and it seems that strong sales of the revolutionary device has lifted the stock nearly 40% year to date. In contrast, the NASDAQ has only gained 1.2% this year.
Andy Perkins, analyst for Societe Generale in London, cited the ability of Apple to maintain the price of the iPad as a key factor in its success. “The anticipation was as they shipped more the price would lower, but the margins have kept much higher than people had anticipated,” said Perkins.
Apple is not set to announce its fourth quarter results until October 18th, but analysts predict it will report a 91% gain in quarterly revenue of $18.8 billion.
If only I had the foresight to buy some Apple stock in the early 80’s, when it was under $5 a share. Or bought Apple stock instead of that Power Macintosh G4 Quicksilver. Sigh.
UPDATE: The market just opened and AAPL sits at $300.03.