Apple Becomes First US Company To Reach $3trn Valuation

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Apple on Monday became the first company to hit a $3tn stock market value.

The iPhone maker scaled the record level, reaching $182.88 a share before slipping back slightly.

The tech giant also was the first US company 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.

On the first day of trading in 2022, the Silicon Valley company’s shares hit an intraday record high of $182.88, putting Apple’s market value just above $3tn. The stock ended the session up 2.5pc at $182.01, with Apple’s market capitalisation at $2.99tn.

The world’s most valuable company reached the milestone as investors bet that consumers will continue to shell out top dollar for iPhones, MacBooks and services such as Apple TV and Apple Music.

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 cofounder, 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.




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