Apple has become the first company to reach a stock market value of $3tn.
Since co-founder and former CEO Steve Jobs revealed the first iPhone in 2007, the company’s share price has increased by over 5,800 percent. The value, on the other hand, took a dip from that milestone to end Monday’s trading in New York at $2.99 trillion.
“Hitting $3 trillion is another historical moment for Apple as the company continues to prove the doubters wrong.”
-Dan Ives, an analyst from Wedbush said.
Apple’s market value reaches $3 trillion
Apple’s stock market value increased from $2 trillion to $3 trillion in 16 months, as the world’s largest technology firms witnessed demand rise as populations became more reliant on smartphones, tablets, and laptops during lockdowns.
In August 2018, Facebook became the first business to attain a $1 trillion market capitalization.
The iPhone is Apple’s most popular product
The iPhone is Apple’s most popular product, accounting for around half of the company’s revenue. It is also recognized for its iPad tablets and Mac computers. Increasingly crucial components of the company are Apple’s software, which is sold through the iTunes store, iCloud storage capacity, and subscription services for music, television, and fitness.
“The linchpin to Apple’s valuation re-rating remains its Services business which we believe is worth $1.5 trillion.”
-Mr Ives said.
Apple’s chief executive Tim Cook was given almost five million shares in the firm in August, as he completed his tenth year at the helm.
According to a U.S. Securities and Exchange Commission filing, he sold most of the shares for more than $750 million.
The stock price was determined by comparing Apple’s performance to other corporations on the S&P 500 stock index.
Steve Jobs and his business partners Steve Wozniak and Ronald Wayne founded Apple in Cupertino, California, in 1976. With a market value of $1.8 billion, the firm debuted on the stock market in 1980.