Apple became the first company in the world to reach a $3 trillion market value on Monday. Shares of the company touched the record high briefly during intraday trading.
First $3 Trillion Company
Apple’s market cap briefly soared to $3 trillion on Monday, marking the first time any company has reached that peak. The tech giant hit the milestone when its share price touched a $182.88 all-time high.
AAPL’s share price pulled back slightly to close at $182.01, up by 2.5% from the start of trading. As a result, the company ended the trading session at a $2.99 trillion market cap, falling just slightly under the mark.
Apple is currently the most valuable company in the world. With revenues up to 29% year on year, it continues to enjoy steady growth. Much of that income comes from sales of the iPhone. The company, however, has seen increased profits from other products, such as the AirPod, and services like Apple Music.
Consequently, Investors are resolute in their trust, in spite of uncertainties in the market generated from the global pandemic.
In a Class Of Its Own
This is not Apple’s first time setting trillion-dollar landmarks. In 2018, it became the first one to reach the $1 trillion market valuation. Unsurprisingly, it was also the world’s first $2 trillion company, doubling in value barely 2 years later.
Monday’s brief peak means that it is only a matter of time before Apple more permanently leaves the $2 trillion value club. Currently, it only shares it with Microsoft ($2.5 trillion). Google is not far behind, currently holding a market cap lying just below $2 trillion.