Apple Stock Price Breaks Records as Facebook Falters

Apple’s stock price reached record levels today, but Facebook was not as lucky.

Apple execs admitted during a recent earnings call that sales of the current iPhone were dropping off amidst rumors of the iPhone 5 coming in September. But those rumors don’t seem to have affected Cupertino’s stock price, which helped the company achieve a valuation that exceeded $600 million today.

Facebook, however, did not fare as well, with its stock price falling to $19.05 for a $40.81 billion valuation.

Apple’s stock closed out the day at $648.11 for a valuation of $607.54 billion. Previously it’s highest price was $644 on April 10, The Economic Times said.

Back in January, amidst speculation that Facebook was prepping to announce its IPO, Apple was valued at $422.37 billion. Speaking of Facebook, which officially went public in May, Reuters reported that shares of the social network’s stock dropped 4.3 percent today “to set a new low.”

Apple is reportedly gearing up for the Sept. 12 launch of the next-gen iPhone, and might also take the wraps off a smaller version of its iPad, dubbed the iPad mini. Earlier today, Jefferies analyst Peter Misek said the iPhone 5 debut could be the “biggest handset launch in history.”

By Chloe Albanesius, PCMag