Monday was a historic day for Apple, as it became the first company to reach a market value of $3 trillion.
During Monday’s intraday trading, Apple briefly hit a market value of $3 trillion, before falling back below the mark soon after
When the company’s stock price reached $182.86, it became the first to cross the threshold.
Apple has a market capitalization of $2.99 trillion and its stock closed the session up 2.5 percent at $182.01.
Since Steve Jobs unveiled the first iPhone in January 2007, the company’s stock price has increased by around 5,800%.
Apple’s revenue from streaming video and music has skyrocketed since Tim Cook took over as CEO in 2011.
Many investors expect Apple to release an electric vehicle within the next few years, given Tesla’s current position as the world’s most valuable automaker and Wall Street’s strong bet on electric vehicles.
Apple’s fourth-quarter earnings showed revenue growth of 29% year-over-year across all of its product categories.
Apple’s services division, which generated more than $18 billion in revenue during the third quarter despite the iPhone’s continued dominance in sales, grew 25.6% year over year.
On Aug. 2, 2018, Apple became the first publicly traded U.S. company to reach a market capitalization of $1 trillion.
Just over two years later, on Aug. 19, 2020, it reached a value of $2 trillion.
Read more on Tech Gist Africa:
Apple Breaks Stock Market Valuation, Hits $1 Trillion
Amazon Becomes Second U.S. Company to Reach $1 trillion
Microsoft has joined Apple in the $2 Trillion market cap for the first time thanks to its booming cloud-computing unit