Washington: In yet another major milestone, Apple became the world’s first three trillion US dollar company on Monday. The iPhone maker topped a market value of USD 3 trillion — the first publicly-traded company ever to be worth that much, reported CNN. Shares of Apple (AAPL) were briefly up about 3 per cent to a new all-time high of USD 182.88, surpassing the USD 182.85 per share it needed to be worth USD 3 trillion.
The stock later pulled back from that level. Earlier, Apple’s market value first crossed the USD 1 trillion thresholds in August 2018 and passed USD 2 trillion in August 2020. Apple shares were up nearly 35 per cent in 2021. The company has benefited from booming demand for its new iPhone 13 and other older models as well as subscription services such as Apple Music, Apple TV+, iCloud and its popular App Store, reported CNN.
Sales surged nearly 30 per cent to more than USD 83 billion in Apple’s fall quarter, which ended in September. The company has a whopping USD 191 billion in cash as well. It seems that Apple will be joined in by other companies in the 3-trillion club – Microsoft (MSFT) is now worth about USD 2.5 trillion and Google owner Alphabet’s (GOOGL) market value is right around USD 2 trillion.
Still giant but further behind are Amazon (AMZN), which has a market cap of USD 1.7 trillion, and Elon Musk’s Tesla (TSLA), worth about USD 1.2 trillion, reported CNN.
In some ways, Apple is part of a surge in stock prices during the pandemic. The company reported stellar results, with a 47% revenue increase from the previous year, during its last quarter. But it was also hit by a chip shortage that delayed the manufacture and release of notable products in its portfolio. However, investors in its stock seem to have taken in stride the pandemic-induced issues in Apple’s supply chain.
Recently, Indian unit of Apple manufacturer, Foxconn faced several backlash and protest by the women workers due to poor hygiene and unsuitable living conditions. The unit is shut down till the promises are made and proper hygiene is maintained as per the laws of the labor living standards.
(With Inputs from ANI)