Apple’s market cap briefly hits $3 trillion
New York, Jan 3 (EFE).- Apple, the world’s biggest company by market capitalization, saw its valuation briefly reach $3 trillion during Wall Street’s first trading day of 2022.
The Cupertino, California-based consumer technology giant, whose market value has tripled in less than four years, became the first publicly traded company to cross that barrier when its share price on the Nasdaq temporarily exceeded $182.86 per share at around 1.45 pm on Monday.
Its share price stood at $182.01 at the end of the trading day, up 2.5 percent from the market opening.
Investors remain bullish on Apple, which was co-founded by Steve Jobs and reported $94.68 billion in net income in its 2021 fiscal year (up a whopping 65 percent), despite its mammoth size.
Apple reached a $1 trillion valuation in 2018, nearly four decades after launching its initial public offering. The coronavirus has provided a further push to the company’s growth, bolstering its iPad and Mac sales and enabling it to double its market value in just two years.
The iPhone, Apple’s flagship product, remains hugely popular and has continued to account for more than half of the company’s sales. But its subscription platforms in sectors as diverse as television, video games, news and music are claiming a larger share of its overall revenue.
The company’s market cap surge has mainly occurred since Tim Cook became CEO shortly before Jobs’s death from a rare form of pancreatic cancer in 2011, when Apple’s valuation stood at around $350 billion.
Apple ranks first globally in market cap, followed by Microsoft ($2.5 trillion), Alphabet ($1.92 trillion), Saudi Aramco ($1.9 trillion), Amazon ($1.73 trillion) and Tesla ($1.19 trillion). EFE