The global technology company known for setting records has reached another one.
Apple Inc. became the first U.S. public company to exceed $2 trillion in market value, a staggering accomplishment that shines a light on the iPhone, iPad, smartwatch and Mac maker’s status in the world economy, The Wall Street Journal reported.
Apple shares ended the trading day Tuesday (Aug. 18) at $462.25, but rose as much as 1.2 percent in early trading Wednesday (Aug. 19) to $467.97, eclipsing the $467.77 mark needed to reach the milestone.
Since Dec. 31, when Apple stock closed at $261.64, it has soared by more than 58 percent as demand for the company’s products increased as millions of Americans moved their workplaces to home.
“It’s incredible that companies that big can still grow that fast,” said Nick Giacoumakis, president of New England Investment & Retirement Group, the Massachusetts-based financial consultant which has held Apple shares in one of its strategies since 2016, told the WSJ. “I would never underestimate their ability to innovate.”
Despite COVID-19 and its potential aftermath, the technology sector is one of the few industries expected to continue expanding going forward as investors support it, the newspaper reported.
The milestone comes on CEO Tim Cook’s watch. He succeeded Steve Jobs, the company’s late co-founder and product inventor, nine years ago.
Apple crossed $1 trillion in market value for the first time in the summer of 2018.
One week ago, PYMNTS previewed Apple’s latest feat, noting the Cupertino, California-based tech giant was on the cusp of the stock market first.
In an interview with PYMNTS, Brian Bogosian, CEO at sticky.io, an eCommerce subscription management platform, said Apple’s continued push into the sector is an example of the attraction of subscription eCommerce and where it’s headed.
“Content is king,” he said. “As part of a company that’s in the eCommerce space and does a lot of bundles, I can tell you that properly packaged and presented companies make more money on bundles. Why? Because not everybody uses everything in the book.”