Apple has become the first U.S. company to reach a $3 trillion market cap.
This is a tripling of the company’s valuation, which it managed to achieve in less than four years—a rather impressive feat. The barrier was broken today when Apple’s share price hit $182.86.
“While the iPhone is still the biggest sales driver, Apple’s services business grew 25.6% year-over-year and delivered more than $18 billion in revenue during the quarter,” CNBC noted in its coverage. “And analysts see plenty of room to run.”
“Apple became the first publicly traded U.S. company to hit a $1 trillion market cap during intraday trading on Aug. 2, 2018. It hit a $2 trillion valuation just over two years later on Aug. 19, 2020.”
Trailing Apple in market valuation are Microsoft, Amazon, and Google. These tech giants are worth around $2.5 trillion, $1.75 trillion, and $2 trillion, respectively.
Source: CNBC