Apple becomes America’s first $2tn company
New York, 21st August: Apple has become America’s first company to be valued at $2 trillion on the stock market.
According to BBC News, Apple has reached the milestone just two years after becoming the world’s first trillion-dollar company in 2018.
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On Wednesday, its share price hit $467.77 in mid-morning trading in the US to push it over the $2tn mark.
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The only other company to reach the $2tn level was state-backed Saudi Aramco after it listed its shares last December. But the oil giant’s value has slipped back to $1.8tn since then and Apple surpassed it to become the world’s most valuable traded company at the end of July.
Despite the coronavirus crisis, the iPhone maker’s shares have leapt more than 50% this year, forcing it to shut retail stores and political pressure over its links to China. In fact, its price got doubled since its low point in March.
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Apple posted strong third-quarter figures towards the end of July, including $59.7bn of revenue and double-digit growth in its products and services segments.
The next most valuable US company is Amazon which is worth around $1.7tn.
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Microsoft and Amazon follow Apple as the most valuable publicly traded US companies, each at about $1.6tn. They are followed by Google-owner Alphabet at just over $1tn.
All eyes are now on the eagerly anticipated 5G iPhone which will fuel further consumer demand.
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