Apple Becomes First U.S. Company Worth $2 Trillion USD
Despite factory shutdowns and slowed retail sales during the pandemic.
As of today, Apple is the first publicly traded United States company to hit a market cap of $2 trillion USD. Based on a share of over 4.275 billion, the Cupertino tech company broke the milestone before 11 a.m. EDT when its price rose to $467.77 USD.
Apple originally reached the $1 trillion USD barrier on August 2, 2018, where it was expected the iPhone maker would be the first company to reach the $2 trillion USD mark. However, similar tech companies conglomerates like Amazon, Microsoft, and Alphabet hit the $1 trillion USD soon after. On July 31 of this year, Apple surpassed state oil giant Saudi Aramco to become the world’s most valuable publicly-traded company.
Apple’s shares have risen close to 60 percent year to date, despite the coronavirus pandemic bringing several companies to its knees. Earlier in July, the company shared a historically record-breaking third-quarter $59.7 billion USD revenue rake-in, including double-digit growth in its products and services. Apple also saw several stores close during the quarter, especially in the United States, as well as various factory closures.
However, due to work-from-home culture booming as a result of the pandemic, online sales have boosted overall operations. Although the milestone is more symbolic, it does symbolize CEO Tim Cook‘s success during his tenure. It also shows the company is just as much of a hardware company as it is a software one.
In other tech news, Oracle wants to buy TikTok’s U.S. operations.
