In yet another milestone, iPhone maker Apple Inc has become the first company in the United States of America (USA) whose stock market value has reached USD 2 trillion. The tech giant’s reached the USD 2 trillion milestones on Wednesday after its shares surpassed USD 467.77 during the early stock market trading.
This comes just days after the iPhone maker surpassed Saudi Aramco to become the most valuable listed company in the world. In 2020, Apple’s stock has climbed nearly 60 per cent so far.
What has led to Apple’s growth amid coronavirus pandemic?
The Apple’s achievement comes at a time when the whole world is facing a deadly pandemic which has shoved the economy into a deep recession, causing unemployment rates to soar to the worst levels since the Great Depression. However, Apple – along with some other companies like Google, Amazon, Facebook, Microsoft and Netflix – have thrived during the pandemic.
Meanwhile, experts suggest that Apple’s milestone reflects that investors’ confidence is growing in the tech giant’s shift towards relying less on sales of iPhones and other gadgets and more on services for its users, as well as a broad shift by big institutional investors during the coronavirus pandemic.
Apple’s market value more than GDPs of several countries!
According to a report by Economic Times, Apple’s value is now even more than the GDP of a host of nations including Italy, Russia, Canada and Brazil.
he Apple was co-founded by Steve Jobs in 1976 and the iPhone makers have pushed its revenue beyond the economic outputs of Portugal, Peru and other countries. The tech giant’s shares rose as much as 1.4 per cent at USD 468.63 on Wednesday.
Earlier this year, the tech giant in its quarterly report had announced that its first share split since 2014. The company had announced a four-for-one stock split, with trading on a split-adjusted basis starting on August 31
