Apple now the first U.S. company to hit a $2 trillion market cap
Apple has reached a market capitalisation of $2 trillion on Wednesday, doubling in valuation in just two years to become the first publicly-traded U.S. company to mark the milestone.
According to a share count of over 4.275 billion, Apple broke the barrier just before 11:00 a.m. ET, when its price climbed to $467.77.
Apple first reached a $1 trillion market cap on August 2, 2018 as it became the first U.S. company to make the first trillion milestone.
It did not take long for other tech giants to reach Apple’s $1 trillion market capitalisation milestone. To date, Amazon, Microsoft, and Alphabet all have market capitalisations above $1 trillion.
Apple reported in late July a historically strong third quarter, including $59.7 billion in revenue and double-digit growth in its products and services segments.
The company witnessed widespread retail closures during the quarter, notably in the United States, yet it touted both work-from-home trends and significant online sales as delivering a boost to overall operations.
To date, Apple’s shares are up about 60 percent, pushing through the pandemic that has battered many companies. In 2019, shares have climbed more than 120 percent.