Categories Technology

Apple scripts history by hitting $2-trillion market cap, despite COVID woes

Ending days of speculation, Apple, Inc. (NASDAQ: AAPL) reached a market capitalization of $2 trillion on Wednesday, becoming the first US company to achieve the rare feat. The spike in valuation, which nearly doubled in the last two years, is a testament to chief executive officer Tim Cook’s acclaimed business strategy.

The gadget giant’s shares traded at $467.8 on Wednesday afternoon, slightly above their last closing price. Supported by Apple’s rally, the S&P 500 index had climbed to an all-time high this week. It’s been around two years since Apple’s valuation hit $1 trillion, which was later matched by other Wall Street giants like Amazon (AMZN) and Alphabet (GOOGL). Interestingly, it took the company as many as 42 years to grow to $1 trillion of market value.  

Apple Q3 2020 earnings infographic

Earlier, the company had outshined Saudi Aramco to become the most valuable public company in the world. Recently, Apple’s board approved a four-for-one stock split to make it accessible to more investors. The stock has gained about 55% this year alone.


Also read: Apple Q3 revenue rises 11% as iPhone sales rebound


Apple’s business has not been materially affected by the COVID crisis so far. In the most recent quarter, revenues grew more than expected, aided by a recovery in the sales of flagship product iPhone, after a not-so-impressive performance in the preceding quarters. The top-line climbed to about $60 billion in the third quarter, resulting in double-digit growth in earnings to $2.58 per share.


Read management/analysts’ comments on Apple’s Q3 results


The third-quarter results eliminated concerns about the recent slowdown in iPhone sales, to some extent. The smartphone, which accounts for nearly 50% of Apple’s revenue, has played a key role in its transformation into the world’s most innovative device maker.

Apple is all set to launch the next series of iPhones later this year, targeting the high-end market. While the company typically organizes its product launches in September, this time the event will be delayed by a few weeks.

Most Popular

Infographic: How Cintas (CTAS) performed in Q1 2021

Cintas Corporation (NASDAQ: CTAS) reported first quarter 2021 earnings results today. Revenue was $1.75 billion, down 3.6% year-over-year.  Net income rose 19% to $300 million, or $2.78 per share, from

General Mills Q1 results top Wall Street expectations: Infographic

General Mills (NYSE: GIS) reported first-quarter 2020 financial results before the opening bell on Wednesday. The company reported a 9% increase in Q1 revenues to $4.36 billion, beating the Wall

JinkoSolar (JKS) Q2 Earnings: Key financials and quarterly highlights

JinkoSolar Holding Co., Ltd. (NYSE: JKS) reported second quarter 2020 earnings results today. Total revenues increased 22.2% year-over-year to RMB8.45 billion ($1.20 billion), exceeding the company’s guidance of $1.10 billion to $1.18 billion. The growth was

Top