Apple has become the first (tech) company to hit a market capitalization of $3 trillion. The company is also worth more than all of the world’s cryptocurrencies.
The tech company was the first (American) firm to hit the stock market valuation of $1 trillion in August 2018. The iPhone is known as the major catalyst for half the company’s sales and is also known for its Mac computers and iPads.
Apple reported a net income of $20.5 billion on revenue out of $83.4 billion sometime in October, which was a record high as they approached the end of the third quarter.
The valuation mark is the total value of all the company’s outstanding shares. This result comes at the time Apple’s stock price rose over 40% in the last year. Apple has also reported strong earning since the pandemic as their products have been in high demand and service.
Analyst Dan Ives commented that ‘‘hitting the $3 trillion is another historical moment for Apple as the company continues to prove doubters wrong with the renaissance of growth story playing out in Cupertino.’’