Apple’s Big Buyback Program Puts Pressure on Market Cap: Chart

(Bloomberg) -- Becoming the first $1 trillion market-cap company is becoming harder for Apple Inc. to achieve, despite its shares being close to a record high. The reason is its stock-buyback program. With fewer shares outstanding, the iPhone maker’s market value is about $690 billion today, down from a peak of about $775 billion in February 2015. After repurchasing almost $12 billion of stock last quarter, the company said on its January earnings call that it would tell investors in the spring how much more it plans to buy back.

To contact the reporter on this story: Andrew Cinko in New York at cinko@bloomberg.net. To contact the editors responsible for this story: Sophie Caronello at scaronello@bloomberg.net, Nancy Moran, Richard Richtmyer