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Apple Breaks Record With $3 Trillion Market Cap Milestone

Apple Breaks Record With $3 Trillion Market Cap Milestone

  • Apple has hit a market capitalization of $3 trillion, with the company’s value tripling in the last 4 years
  • The milestone indicates that the company’s stocks are viewed favorably by investors and expected to grow
  • The tech company broke the milestone as its share price hit $182.86 on Monday evening

Apple hit a market capitalization of $3 trillion during intraday trading on Monday, becoming the first company to do so.

The tech giant’s stay above that milestone was however very brief and it dropped back below the mark shortly after.

The significant point was attained when the iPhone maker’s share price hit $182.86 and it shows that investors remain bullish on Apple stock and expect it to grow.

Apple shares were up 2.5% during intraday trading, taking the value of each share to $182 after the milestone was hit.

The $3 trillion market value indicates that the company has tripled its value in less than 4 years as analysts expect the stocks to run further.

Annual growth was witnessed across all product categories but iPhone remains the company’s biggest sale driver.

Apple services also witnessed great growth within the year under review, adding 25.6% year-over-year and more than $18 billion in revenue for the 4th quarter.

Investors have viewed the company’s stocks as a safe haven during market uncertainty due to its regular cash flow and strong balance sheet.

Read also: Samsung to Launch Groundbreaking NFT TV Feature

The current landmark comes over 3 years after Apple became the first publicly traded US company to hit a $1 trillion market cap. That value was then doubled on Aug. 19, 2020.

Apple

Asides from the smartphone giant, other companies edging close to this milestone are Microsoft’s value at $2.5 trillion and Google with a market cap of almost $2 trillion.

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