However, it didn’t make above the level until the end of the trading day and closed 2.5 % higher at $182.01 with market capitalization of $2.99 trillion. With this, Apple alone holds more value than the combined values of Coca-Cola, Disney, ExxonMobil, Boeing, McDonald’s, Walmart, and Netflix. Dan Ives, an analyst from Wedbush said that as Apple hit $3 trillion stock market value, it is another historical moment as the company is continuously proving doubters wrong. Apple’s stock market took just 16 months to rise from $2 trillion to $3 trillion. This happened as the biggest tech companies of the world benefited due to increase in the use of smartphones, laptops, and tabs during the lockdown period. Also, in August 2018, the company became the first company to hit stock market valuation of $1 trillion.
Apple’s increased revenue
After the demise of Steve Job, Tim Cook became the chief executive in 2011. Under Tim Cook, the company’s revenue saw a sudden rise from services like music and video streaming. It was stated by the company which filed with the US Securities and Exchange Commission that Cook sold most of the share for almost $750 million. This step was a part of the deal he signed while he took over form Co-founder Steve Jobs. In August 2021, Cook received more than 5 million shares in the firm. This helped Apple during fiscal 2021, in reducing its reliance on the iPhone to about 52% of the total revenue. Even though the company suffered from Covid- related supply chain issues, Apple released its quarterly earnings in October, and it made a profit of $20.6 billion.
About tech giant- Apple
Apple is an American multinational company that was founded in 1976 by Steve Jobs, Steve Wozniak, and Ronald Wayne. The company’s stock market debut was in the year 1980 with market valuation of $1.8 billion. Refinitiv affirms, with Microsoft Crop Apple previously shared the $2 trillion market value club. The market value of which is now about $2.5 trillion. Few analysts also expects that the demand for iPhones will remain strong in the year 2022 as well. This is because Apple leads China’s smartphone market.
