Apple is the first company to reach a market capitalization of $3 trillion.

Listen to this article - Play Now

Since co-founder and former CEO Steve Jobs debuted the first iPhone in 2007, the company’s stock has increased by about 5,800 percent.

However, its value dropped somewhat from that high point, ending Monday’s New York trading day at $2.99tn.As a result of the coronavirus lockdowns, Apple has been one of the great winners of the epidemic.

“Apple’s $3 trillion milestone is yet another historic landmark as the business continues to defy the critics,” said Dan Ives, a Wedbush analyst.

Apple’s stock market worth rose from $2 trillion to $3 trillion in just over 16 months, as the world’s largest technology businesses saw demand skyrocket as consumers became increasingly reliant on smartphones, tablets, and laptops during lockdowns.

In August 2018, the business became the first to reach a stock market valuation of $1 trillion.

The iPhone normally accounts for around half of the company’s revenue, while the iPad tablets and Mac desktops are also well-known.

Software, offered through the Apple store, storage space via the iCloud, and services such as its music, video, and fitness subscription platforms are all becoming increasingly essential aspects of the company.

“The Services business, which we think is worth $1.5 trillion,” Mr Ives added, “remains the cornerstone to Apple’s valuation re-rating.”

apple
Apple CEO Tim Cook welcomes customers during a visit to an Apple Store at The Grove Friday, Nov. 19, 2021, in Los Angeles. (AP Photo/Marcio Jose Sanchez)

Tim Cook, Apple’s CEO, got more than five million shares in the company in August to commemorate his ten years on the job.

He sold the majority of the shares for more than $750 million, according to a business filing with the US Securities and Exchange Commission.

It was part of a contract he made when he took over from Steve Jobs, the company’s co-founder.

See also  Apple is developing a hardware-as-a-service for iPhones and iPads

The award was based on how well Apple’s stock did in comparison to other companies in the S&P 500 stock index.

The Cupertino, California-based company Steve Jobs and his business partners Steve Wozniak and Ronald Wayne launched Apple in 1976.

The corporation debuted on the public market in 1980, with a market capitalization of $1.8 billion.

The first Apple computer, designed by Mr Wozniak and Mr Jobs, sold for $400,000 at auction in the United States in November.

ALSO READ

Why is sunscreen the most important step of your skincare routine?

What’s your Reaction?
+1
+1
+1
+1
+1
Spread the Chronicle

Leave a Reply

Your email address will not be published. Required fields are marked *