Apple hit the $2 trillion mark just before 11 a.m. ET, with its share price rising to $467.77.That level didn’t quite hold at the end of the trading day, as Apple shares closed at $462.83, giving it a market cap of $1.98 trillion.
Apple has officially doubled its valuation , just two years after becoming the first U.S. company to reach a $1 trillion market capitalization. Apple shares have surged since the company released the quarterly results in July 2020. The tech giant has today become the world’s most valuable publicly-traded company.
Technically Apple is the second company to reach the $2 trillion mark, as Saudi Aramco — first hit that number in December 2019. But, due to this year’s global economic slowdown and oil prices crash, its valuation has since come down to $121 billion.
The Company posted quarterly revenue of $59.7 billion, an increase of 11 percent from the year-ago quarter, and double-digit growth in its products and services. The biggest plus for the company has been the confidence investors have in Apple, as it shifts its focus towards providing services to the users rather than depending on the sale of the iPhone and other gadgets. The technology company’s revenue continued to grow across categories, even as the country’s economy collapsed due to the pandemic.