Apple has become the first US company ever to reach a valuation of $2 trillion on the stock market – remarkably doubling its market cap in just two years.
Having become the first publicly-traded company to hit the $1 trillion landmark back in 2018, the iPhone maker has repeated the feat for the next major milestone. Only one publicly-traded company has reached $2 trillion before and that’s the oil giant Saudi Aramco, which gives you a sense of Apple’s achievement here.
The firm has defied the general economy decimated by Covid-19 to post solid financial figures this year and that’s been enough to push Apple stock through the roof. Shares are up 60% this year alone and now the company’s shares are trading for $470 ahead of a stock split that will make it easier for every day folks to own a part of the record-breaking company.
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As CNBC points out in its report, Apple’s value has risen 764% in the last decade, which is compared to a 183% jump for the SNP500 – which keeps track of the top valued companies in the United States.
Naturally, Apple hasn’t commented on what is a largely symbolic landmark, but one wonders just how much higher the company can go. Under Tim Cook’s stewardship, Apple is increasingly diversifying its offering from a hardware centric firm to one that can command ongoing revenue streams from its customers through subscription services.
The company is believed to be working on a new crop of subscription bundles to accompany the iPhone 12 launch this autumn. They’re likely to include various combinations of Apple TV Plus, Apple News Plus, Apple Arcade, Apple Music and abundant iCloud storage, according to reports.
It is also believed new MacBook laptops containing Apple Silicon and a new Apple Watch Series 7, iPad Pro and Apple TV 4K could arrive before the end of 2020.