Apple has set a new milestone among publicly traded companies with its market value briefly topping $3 trillion on Monday.
The tech company is the first to ever be worth that much, and the achievement comes a little over three years after it hit the $1 trillion mark in August 2018. (It was two years later when it topped $2 trillion.)
Apple shares topped $182.86 at 1:48 p.m. ET, putting the company briefly above the $3 trillion mark and making the milestone official. In 2021, the company’s stock was up approximately 35%.
Rival Microsoft isn’t all that far behind Apple, currently boasting a market cap of roughly $2.6 trillion. Amazon is a bit further behind, at nearly $1.75 trillion. Sitting between them is Google owner Alphabet, at about $2 trillion.
Apple’s surge comes as demand for the iPhone 13 has been especially high and its subscription services have performed well also. Company revenues in the most recent quarter were up 29% year over year, with iPhone sales increasing 47% compared with a year ago.
Apple hasn’t provided guidance since the start of the pandemic, but CEO Tim Cook did say on the earnings call in October that the December quarter will be the largest in Apple’s history in terms of revenue.
“Hitting $3 trillion is another watershed moment for Apple as the company continues to prove the doubters wrong with the renaissance of growth story playing out in Cupertino,” said Daniel Ives of Wedbush in a note to investors in mid-December. “The underlying iPhone 13 demand story for Cupertino both domestically and in China is trending well ahead of Street expectations in our opinion.”
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