After Apple announced that over 2 million pre-orders of the iPhone 5 had been placed within the first 24 hours of availability, AAPL soared past $700 in after hours trading on Monday. The company’s share price has been sailing towards the $700 mark since Apple’s strong third quarter earnings call in July. Around this time last year, Apple was trading around the $400 mark.
Apple continues to be the world’s most publicly traded company. Back in February, AAPL broke the $500 billion market capitalization mark, then through $600 billion in April. Apple is now worth more than $650 billion, which is $225 billion more than second-place ExxonMobil or about one Google. This Friday, the iPhone 5 is set to go on sale in nine countries. Last year, the iPhone 4S was the largest product debut ever for Apple, selling a whopping 4 million in the first three days of availability. Apple is expected to easily surpass this number.