Apple Officially Became The First U.S. Company To Past 2
Ioshackz.com Apple Officially Became The First U.S. Company To Past $2 Trillion In Market Value Apple has today reached a significant milestone, that is, became the first U.S. company to past $2 trillion in market capitalization, when its stock surpassed the $467.77 mark and briefly topping $468.
Despite the Cupertino company had a rough start to the year as the coronavirus outbreak affected businesses and companies worldwide, stocks in technology companies went as well during the economical crisis. Apple had a dramatic impact on its stocks on the months of February and March as iPhone production and sales declined due to COVID-19. This has resulted from Apple Store closures in China and worldwide and iPhone factories in China shut down due to COVID-19 lockdown, restrictions on employee travel and iPhone imports and export, and sales. But the stocks gradually raised back up as more coronavirus lockdowns were issued to more countries around the world and the demand for new device purchases and increased use of Apple services as people stayed and worked from home.
Most recently, Apple announced that in the third quarter of fiscal 2020, it has made a revenue of $59.7 billion and a profit of $11.0 billion. Mac revenue rose to $7.1 billion from $5.8 billion, while iPad revenue grew to $6.6 billion from $5 billion. The Service category, on the other hand, also underwent a growth, as so did the iPhone business.
In June, AAPL is already worth $1.5 trillion, and Amazon and Microsoft have since also passed that mark. Apple was also the first to hit the $1 trillion mark just over two years ago.
The iPhone maker said in a recent earnings call that it will be completing a four-for-one stock split at the end of this month. That will bring Apple’s share price down to the $100 range, however, with four times as many shares in circulation, it will not affect the company’s overall market value.