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Apple First Public U.S. Company to Hit $2 Trillion in Valuation
Cupertino-based Apple became the first public U.S. company to eclipse a market value of $2 trillion on Wednesday, before its stock slipped to just below that mark later in the day, closing at $1.98 trillion in market value. Interestingly, it was exactly two years ago in August 2018 that the consumer tech products giant reached a market valuation of $1 trillion, another first for a U.S. public company.
Record growth has been achieved under two different leaders, first with Steve Jobs, and now under Tim Cook. Apple continues to experience larger profits and increased sales, as well as realize record stock prices and higher valuation, despite the economic challenges arising from the COVID-19 pandemic.
The stay-home orders, school closures and business shutdowns over the past five months has translated into demand for technology that allows people to connect remotely. Apple has benefited from its wide range of products that meet the needs of those working or learning from home.
Apple has also experienced a surge in sales for its subscription services, Apple Music, iCloud, Apple TV+ and Apple Arcade. And, on the horizon is the impending launch of its next smartphone, the iPhone 12, which is expected to arrive this fall with 5G connectivity.
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*Photo credit: Felix Mizioznikov / Shutterstock.com
- ◦Economy


