Apple on Monday has become the first company to hit a $3 trillion stock market value, before ending that day just a little below that milestone. The company’s shares were able to hit an intraday record high of $182.88, putting Apple’s market value just above $3 trillion.
However, the stock ended the session up 2.5 percent at 182.01, putting Apple’s market value just a little below the milestone at $2.99 trillion. Apple was able to achieve this milestone as investors bet that the iPhone maker will continue launching best-selling products and consumers will continue to shell out top dollar for their products, including the iPhone, MacBook, Apple TV, and Apple Music to name a few.
Apple’s market value first crossed the $1 trillion mark in August 2018 and later the company passed the $2 trillion threshold in August 2020. The company has shared the $2 trillion market value club with Microsoft, which is now worth around $2.5 trillion in market value.
Meanwhile, Google’s parent company Alphabet, Amazon, and Tesla have market values of above $1 trillion while Saudi Arabia’s Aramco is valued at about $1.9 trillion.
Apple has seen a massive rise in its share value in 2021 as the company has benefitted from booming demand for its new iPhone 13 and other older models as well as subscriptions for services such as Apple Music, Apple TV+, and iCloud since demand for these services skyrocketed during the COVID-19 pandemic.
The company’s shares have gone up nearly 35% in 2021 and sales have surged massively by 30% to more than $83 billion in Apple’s fall quarter, which ended in September. The company also has a whopping $191 billion in cash as well.
Apple shares have climbed around 5,800 percent in market value since co-founder and former chief executive Steve Jobs unveiled the first iPhone in January 2007.
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