US company Apple becomes the world company after crossing $2 trillion market cap on Wednesday.
Apple becomes the first US company to cross $2 trillion market cap on Wednesday, doubling its market value. Apple broke the barrier based on a share count of more than 4.275 billion. It first reached a $1 trillion market cap on Aug. 2, 2018. Wall Street has largely expected the iPhone maker to become the first to surpass $2 trillion. Apple passed the state oil giant Saudi Aramco on July 31 to become the world’s most valuable publicly-traded company.
While the coronavirus pandemic that has battered many companies, the company’s shares are up about 60% year to date, pushing through. With work-from-home and school-from-home becoming part of the new normal, Macs and iPads have both seen upticks. It’s media streaming, warranty, and payment processing services have also continued to grow at a brisk pace. Investors have started seeing Apple’s business more like a software company and less like other hardware makers in the market.
Take a look:
— CNBC Now (@CNBCnow) August 19, 2020
Apple's $2 trillion value is proof that Tim Cook's services plan worked — as Apple's value has ballooned its PE ratio has also risen to be more like a software company https://t.co/f4kOVqrlDB
— kif (@kifleswing) August 19, 2020