Apple Is the First US Company to Reach the $3 Trillion Market Cap
Cupertino-based Apple Inc., briefly breached the $3 trillion market cap mark as its stocks hit $182.86 on Monday, CNBC reported. While prices soon fell afterward, Apple stock ended the day at $182.01, just shy of the $3 trillion mark.
While stock prices are a reflection of investor faith in the company and its offerings, for admirers of the company it is also a translation of how Apple is the market leader when it comes to designing customer-centric products. Apple users swear by the brand that is now known for its iPhone but also brought us iPods and brought out the utility of a mouse in the past.
Although the iPhone continues to bring in large chunks of its revenues, the last quarter of 2021 also saw its other offerings contribute to the 29 percent year-on-year revenue growth, CNBC reported. Over the holiday period, Apple sold a whopping 27 million pairs of its latest AirPods while its services business raked in $18 billion of revenue in the last quarter.
Stock markets are also bullish on Apple to play an important role in the metaverse. It was just last week that we reported how Apple was paying out of turn and atypical bonuses to retain its engineers from joining Meta. Apart from that, we might see more home products from the company in the near future until we hear more about their autonomous car before 2025.
As CNN reported, Apple's rise from its $2 trillion market cap to the $3 trillion mark was faster than the company's one trillion to two trillion journey. While it reached the one trillion and two trillion milestones in 2018 and 2020 respectively, Apple's stock rose 35 percent only in 2021 to get closest to the three trillion.
While Apple has been leading the way in the market, other tech companies aren't that far behind. Satya Nadella-led Microsoft crossed the $2 trillion mark six months ago and has been following Apple closely. Google's market cap is also around $2 trillion while Amazon is inching closer at $1.75 trillion currently, CNN reported.