Apple is no stranger to phenomenal results. The tech giant briefly hit a market cap of $3 trillion during intraday trading on Monday, before declining back under the mark shortly afterwards. The company created by Steve Jobs, Steve Wozniak, and Ronald Wayne broke the barrier when its share price hit $182.86.
It jumped 2.5% on Monday to close at $182.01, just missing closing the trading day at the $3 trillion mark.
The milestone mentioned above is mostly symbolic, nonetheless, it shows investors remain bullish on the company’s stock and its ability to grow. At a market value of $3 trillion, the company tripled its valuation in several years. Furthermore, analysts see plenty of room to run.
Interestingly, the tech giant showed annual growth across all of its product categories in its fourth-quarter. Apple’s revenue rose 29% year-over-year. While the iPhone remains the biggest sales driver, the company’s services business grew 25.6% year-over-year.
In the last quarter of the year, Apple sold 27 million pairs of its newest AirPods models over the holidays. The information mentioned above came from Ming-Chi Kuo of TFI Asset Management Limited.
Investors also turned to the company as a safe haven during recent market uncertainty. Apple has a strong balance sheet and cash flow, which it uses to invest in new products, etc.
Apple made history in 2018. It became the first publicly traded U.S. company to reach a $1 trillion market. The company reached a $2 trillion valuation just over two years later on August 19, 2020. Microsoft is not far behind. The company founded by Bill Gates and Paul Allen is worth about $2.5 trillion and Amazon has about a $1.75 trillion market cap.
Get the latest economy news, trading news, and Forex news on Finance Brokerage. Check out our comprehensive trading education and list of best Forex brokers list here. If you are interested in following the latest news on the topic, please follow Finance Brokerage on Google News.