Apple Becomes First U.S. Company To Reach A $2 Trillion Market Cap
Apple has been reported to hit a market cap of $2 trillion on Wednesday, 19 August, 2020 — doubling in valuation in over two years to become the first publicly traded U.S company to reach the milestone.
With an estimate share count of more than 4.275 billion, Apple broke the barrier just before 11 a.m. ET, when its price rose to $467.77.
On August 2, 2018 was the first time Apple reached a $1 trillion market cap. Though Wall Street has largely expected Apple to become the first to surpass $2 trillion, the iPhone maker passed the state oil giant Saudi Aramco to become the world’s most valuable publicly traded company on July 31.
Apple now has shares about 60% year to date, pushing through the coronavirus pandemic that has battered many companies. In previous years, shares have risen more than 120%.
In late July, the company released a historically strong third quarter, including $59.7 billion in revenue and double-digit growth in its products and services. Apple saw widespread retail closures during the quarter, especially in the United States but said work-from-home trends and strong online sales boosted overall operations.
While the mark is largely symbolic, it does an underscore CEO Tim Cook’s success at changing the company’s story. Investors have started seeing Apple’s business less like other hardware makers and more like a software company, as indicated by Apple’s quickly rising price-earnings ratio, which is now over 33.
In summary, Apple Becomes First U.S. Company To Reach A $2 Trillion Market Cap and today’s news reported was sourced from CNBC with much credits.