It was only a matter of time. Next target $3tn … easy!
Taken from the BBC … Tech giant Apple has become the first US company to be valued at $2tn (£1.5tn) on the stock market. It reached the milestone just two years after becoming the world’s first trillion-dollar company in 2018.
Its share price hit $467.77 in mid-morning trading in the US on Wednesday to push it over the $2tn mark.
The only other company to reach the $2tn level was state-backed Saudi Aramco after it listed its shares last December.
The iPhone-maker’s shares have leapt more than 50% this year, despite the coronavirus crisis forcing it to shut retail stores and political pressure over its links China.
In fact, its share price has doubled since its low point in March, when panic about the coronavirus pandemic swept the markets.
Tech firms, which have been viewed as winners despite lockdowns, have seen their stock surge in recent weeks, even though the US is in recession.
Apple posted strong third quarter figures towards the end of July, including $59.7bn of revenue and double-digit growth in its products and services segments.
The next most valuable US company is Amazon which is worth around $1.7tn.
Source: BBC
