Yesterday, Apple became the first-ever US company to reach $2 trillion in stock market value. The company achieved this milestone in a time-span of two years. As just couple of years ago, Apple became the first publicly listed US company with a $1 trillion stock market value. This clearly demonstrates how tech companies have benefitted from the ongoing COVID-19 pandemic.
Apple Becomes 1st US Company Whose Stock Market Value Surpassed $2 Trillion Mark
Apple achieved this accomplishment in mid-morning trading and its shares briefly increased to as high as $468.65 on Wednesday, which is equivalent to a market capitalization of $2.004 trillion.
The iPhone manufacturer has been followed by other tech companies such as Amazon, Microsoft, and Google parent Alphabet and each of them has crossed $1 trillion in market value.
Shares in Apple have roughly multiplied after a decline in the month of March. This is an extraordinary accomplishment, and according to a Bloomberg Billionaires Index calculation, it has lifted CEO Tim Cook’s net worth to $1 billion for the first time.
Even though other large tech companies have witnessed upheavals because of the increasing demand during lockdowns, Apple has outpaced its competitors by delivering strong sales of gadgetry, which include wearables, tablets, and some new apps and services, which have gained prominence amid the COVID-19 pandemic.
In the last quarter, which ended in June, Apple reported profits rose eight percent to $11.2 billion and revenues jumped 11% to $59.7 billion. The company’s upheaval comes amid a more extended rally in technology shares as employees shift to working at home amid the coronavirus pandemic and social distancing protocols.