How’s this for a New Year’s present: Apple became the first company in the world to reach a market cap of $3 trillion, which the tech giant did Monday morning.
The company’s shares Monday were up as much as 3% Monday. It reached $3 trillion when its share prices topped $182.86. But, they have since dropped a little.
This symbolic milestone is a sign of investor confidence in Apple’s stock and its potential to grow. Apple’s valuation has more than tripled in four years. Apple was valued at $1 trillion in August 2018, and it doubled its valuation two years later, in August 2020.
Apple’s closest competitor in terms of market share is Microsoft at around $2.5 trillion. Google is valued at just $2 trillion, while Amazon is worth $1.75 billion.
Apple just suffered its first earnings decline in six years. For the three months ending on Sept. 25, Apple reported $83.4 billion in revenue, below Wall Street’sexpectations84.85 billion. Also, the tech giant reported earnings per share of $1.24 which was in line with projections. Apple still managed record revenue and net income for the full fiscal 2021 year, which was $365.8billion.
Apple still earns the largest portion of its revenue via its device sales (especially iPhones), but its services business continues its growth. It posted a 25.6% increase in year-overyear growth last quarter and earned $18 billion revenue.