Shares of iPhones and iPad maker Apple jumped to a new high for this year on Black Friday.
Apple is well-known in the technology market for its products such as iPhones, iPads, iPods, Macs and more. The company released the latest iPhone 5s and the iPhone 5c in September this year, and followed it up with the release of iPad Air and the iPad mini with Retina display in October.
Apple products are undoubtedly one of the top picks of customers during the holiday season. The sales of Apple devices also get a good leverage with different promotions offered by retailers during Black Friday.
In September 2012, the company's shares reached its peak crossing $700. However, since then Apple's shares just kept on dropping. In April this year, the shares hit below $400. However, the company's shares slowly but steadily increased and on Black Friday the shares crossed the $555 threshhold on NASDAQ, before closing at $556.07 on Friday, November 29, putting the company's market value at $500.32 billion.
Even though Apple is not directly offering price discounts on its products, it was giving away gift cards between the value of $25 and $150 on various purchases, a move that was sufficient enough to draw huge crowds to its retail stores.
Consumers can get gift cards worth between $50 and $75 if they purchased a new iPad. Customers who buy a new MacBook will get $150 gift cards. However, the offer wasn't extended to iPhone buyers.
"Apple is best positioned in the tech world to benefit from this holiday season, starting with Black Friday," said Brian White, an analyst at Cantor Fitzgerald.
Black Friday just marked the start of the holiday season and Apple seems well prepared with the release of a slew of new devices, such as the latest iPhones and iPads. The company has also launched the latest MacPro, which will hit the shelves in December this year.