Apple becomes first company to reach $3 trillion market value
Apple today became the world’s first $3 trillion company based on market capitalization, which is the total value of all of the company’s outstanding shares. Shares of Apple Inc rose as much as 3 percent on Monday to trade at $182.88 – enough to secure the iPhone maker the coveted crown of becoming the first publicly traded company on the planet to cross the $3 trillion market capitalization mark.
In August 2018, the iPhone maker became the first company to cross $1 trillion. It hit the $2 trillion mark on Aug. 20, 2020.
Since the beginning of 2021, the iPhone maker’s shares have jumped by 38%. Apple accounts for a significant percentage of holdings for major indexes. Therefore, the stock’s gains have mirrored those of the broader market during a time of economic and technological change.
Apple has reported strong earnings results since the start of the pandemic, as its products and services have been in high demand as more people work, learn, and connect with others from home. The company’s revenue is forecasted to top $118 billion in the current quarter, surpassing its all-time quarterly record of $111.4 billion set a year ago.
While the company’s flagship product, the iPhone, remains a money-spinner, Apple’s Services increasingly account for a major chunk of its profits. The latter includes revenues from its App store, music, and television streaming businesses.
Apple will look to build upon its success in 2022, with a wide range of products rumored to launch, including at least five new Macs, a redesigned iPad Pro with support for wireless charging, a rugged version of the Apple Watch, second-generation AirPods Pro, an AR/VR headset focused on gaming, content consumption, and communications, and more.
Source: AAPL, www.investopedia.com