Apple First US Company To Beat $2 Trillion Value
Cupertino tech giant, Apple, has become the first US public company to topple a market valuation of US$2 trillion, following a 1.4% hike in shares to US$468.65.
The record-breaking achievement comes around two years after it first passed the US$1 trillion milestone.
The feat makes Apple the second company in the world to notch such a valuation, with shares holding for much of the day before closing up 0.13% for a market cap of US$1.98 trillion on Wednesday.
Shares in Apple have more than doubled since their March lows, prompt by the economic impact of the coronavirus pandemic.
Some commentators claim recent share surges follow significantly better-than-expected iPhones sales forecasts last month.
Apple’s recently US$2 trillion valuation has put it over US$300 billion above e-commerce behemoth Amazon.
The turnaround has shocked some market commentators, after Apple issued a revenue warning early this year and withdrew its guidance.
Despite temporarily closing many of its retail outlets due to COVID19 restrictions, overall sales leapt 11% in the June quarter.
The news comes as Apple seeks to reduce revenue reliance on smartphones, with iPhone revenue representing 44% in the June quarter, down from 55% two years prior.
The company’s service-related offerings has also continued to expand, prompt by wearable sales and content such as Apple TV+.
Apple is slated to unveil its next stable of iPhones in coming months, which analysts expect will be delayed beyond the historic September timeframe.