NEW YORK, United States (AFP) – In the latest indication of the tech industry’s epidemic boom, Apple became the first US business to achieve $3 trillion in market value, briefly approaching the milestone on Monday.
Near 1845 GMT, the iPhone maker set a new high, reaching $182.88 per share, before reversing slightly.
In August 2020, amid the Covid-19 pandemic, which spurred demand for personal gadgets and digital services like Apple s streaming and smartphone app store, the tech behemoth became the first US firm to reach $2 trillion in market capitalization.
It was also the first American company to surpass $1 trillion in August 2018.
The rise is the latest achievement for Tim Cook, who took over as CEO of the Cupertino, California-based corporation in 2011, soon before Steve Jobs, the company’s visionary cofounder, died.
While Silicon Valley businesses dominate the top tier of US stock markets, Microsoft is the only other American company worth more than $2 trillion.
Apple announced net income of $20.5 billion on revenue of $83.4 billion in October, a new high for the September quarter.
Revenues for fiscal 2021 were $365.8 billion, more than quadruple what they were a decade ago.
Apple, like many other tech titans, has been under pressure in recent months as a result of supply chain issues, including as a global chip scarcity and Covid-related manufacturing interruptions in Southeast Asia.
Following the October earnings release, Apple shares fell, but then recovered, gaining about 20% in the final two months of 2021.
Apple’s revenues are primarily connected to the iPhone, which was initially launched in 2007, 45 years after its founding that helped make personal computers a widespread profit.
However, cellphones are becoming increasingly important gateways to services income, a key component of Apple’s success. Apple’s service revenues, which include the Apple TV streaming service and Apple Pay, have tripled in the last five years.
This company has soared under Cook, who was first questioned about his ability to manage and develop the technological frontier as well as Jobs.
Cook, on the other hand, has won over Wall Street with clear communication and good execution as he has assisted in the development of new businesses, such as wearables, which accounted for more than $38 billion in sales last year.