The revolutionary iPhone-maker is the first company in the history of the US to touch the $2 Trillion milestones after Apple’s stock touched the finance bar for a stint of time on Wednesday.
Apple Inc., known to have ushered a new era of smartphones with the launch of the iPhone in 2008, touched the $1 trillion mark two years ago, following the launch of the uber-successful iPhone 11.
Prior to that, in 2018, Apple touched the $1 trillion-mark symbolically. On Wednesday, the company’s stocks touched the second trillion mark (equivalent to 14,97,06,20,00,00,000.00 Indian Rupee), CNN reports.
Apple’s stock (AAPL) has grown significantly this year, and is at an all-time high, faring a $470 per share. However, Apple. Inc is not the first company to touch the 2 trillion mark.
Announcing the second-quarter financial report, CEO Tim Cook said: “Despite COVID-19’s unprecedented global impact, we’re proud to report that Apple grew for the quarter, driven by an all-time record in Services and a quarterly record for Wearables.”
Apple’s services include Apple Music and Apple TV, with the former being a market leader in its segment. Apple’s wearable, Apple Watch is one of the company’s most sold products after the iPhones.
This year, Apple reported an excess of operating cash flow of $2.2 billion as compared to last year, cashing in $13.3 billion in the second fiscal quarter ending March 28.
Saudi Aramco in December also touched a similar valuation like Apple’s current after it went public, only to get beaten by Apple in August after oil prices fell and Apple’s sales surged.
Apple’s close competitions – Amazon, Microsoft, and Google are also not far behind from the $2 Trillion milestone. Both Amazon and Microsoft are currently valued at about $1.6 trillion. Goolgle-owner Alphabet is also more than $1 trillion.
Apple’s skyrocketing market valuation made CEO Tim Cook enlisted in the group of billionaires, one of the very few CEOs to achieve that level without having to start the company, CNN noted.
Apple is among the many other technology and consumer-electronics companies which have been doing well in a recession-hit economy than other sectors.
Apple is also the world’s largest technology company followed by Microsoft, Google and Chinese tech-firm Tencent, according to Visual Capitalist.