Apple is a famous company around the world. People all over the world have at least some knowledge about the company. This month more precisely on August 19, the U.S. tech giant reached a market cap of $2 trillion. As a result, Apple became the first publicly traded U.S. company to reach this result.
Interestingly, based on a share count of more than 4.275 billion, the company broke the barrier just before 11 a.m. ET. At that time, the price rose to $467.77. Nevertheless, the company’s market cap fell below $2 trillion mark on the same day, and shares closed at $462.83. Thus, Apple’s market cap fell to $1.98 billion.
It is worth noting that as of August 27, the company market cap is more than $2 trillion.
Apple and a historic result
As mentioned above, the tech giant’s market cap surpassed $2 trillion. However, it is important to understand how the company was able to reach this result.
Apple first reached a $1 trillion market cap more than to years ago on August 2, 2018. Moreover, Wall Street expected a Cupertino-based company to become the first company to surpass $2 trillion.
Last month, Apple passed the Saudi Arabian oil giant Saudi Aramco. As a result, it became the world’s most valuable publicly-traded company. The other U.S. companies such as Amazon, Microsoft, and Apple also surpassed a $1 trillion market cap.
Importantly, the U.S. tech giant posted a strong third quarter. The company’s revenue reached $59.7 billion as well as double-digit growth in its products and services. Despite problems created by the coronavirus pandemic, the company benefited from work from home trends and strong online sales.
As can be seen from the results, the company was able to adapt to the new reality. It means despite all challenges Apple has the potential to tackle various challenges.