Apple has become the first American company to hit a $2 trillion market value, doubling the figure in just two years. Apple crossed the $2 trillion market capitalization mark, while the global economy was shrinking due to the coronavirus pandemic. The iPhone-maker was also the first to hit the $1 trillion mark two years ago.
Apple increased its value when its shares climbed to $468.65. The company’s stock has gained 3.5 percent on average every week since the beginning of June, outlines The Wall Street Journal. During the company’s recent earnings call, it reported a record quarter with $59.7 billion in revenue despite the pandemic, which is up 11 percent compared to the year-ago quarter. After Apple announced the record sales, its share price surged significantly.
In December 2019, Saudi Aramco cemented its position as the world’s first company to hit a market value of $2 trillion. It is a Saudi Arabian multinational petroleum and natural gas company based in Dhahran, Saudi Arabia. Apple surpassed it becoming the world’s most valuable company after Apple reported its recent earnings.