Apple _ The First US Corporate Giant To Hit $3 Trillion Market Value
Since August 2020, Apple has increased its market value by around $1 trillion, demonstrating a strong growth during the ongoing pandemic.
KARACHI ( JAVED MAHMOOD )
Apple, the famous US tech giant, has emerged as the first American company to hit $3 trillion in market value On Jan 3, 2022, Apple achieved this landmark in the latest demonstration of a consistent growth during the pandemic.
The US mega technology company also was the first to hit $2 trillion in August 2020, during the Covid-19 pandemic that stoked demand for personal electronics and digital services, such as Apple’s streaming and smartphone app store. In other words, since August 2020, Apple has increased its market value by around $1 trillion demonstrating a strong growth during the ongoing pandemic. And it likewise was the first American firm to overtake $1 trillion in August 2018.
Apple, the iPhone maker scaled the record level near 1845 GMT, reaching $182.88 a share before slipping back slightly.
The surge marks the latest accomplishment for Tim Cook, who became chief executive of the Cupertino, California giant in 2011 shortly before the death of the company’s visionary co-founder, Steve Jobs.
While the top tier of US stock markets are dominated by Silicon Valley companies, Microsoft is the only other American company worth more than $2 trillion.
In October, Apple reported net income of $20.5 billion on revenue of $83.4 billion, a record high for the quarter ending in September.
But as with many other tech giants, Apple has seen pressures in recent months due to supply chain problems, including a global shortage of semiconductors and Covid-related manufacturing disruptions in Southeast Asia.
Apple shares tumbled following that October earnings report, but rallied thereafter, winning nearly 20 percent in the final two months of 2021. Near 1930 GMT, Apple shares were up 2.4 percent to $181.91.