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Apple's stock market value tops $2 trillion

2020-08-19 18:20 by
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Apple has hit $2 trillion in market value, the first publicly traded U.S. company to do so. Microsoft ($1.59T) and Amazon ($1.65T) are in second and third place, respectively.

The computer and mobile device maker becomes only the second company in the world to reach $2 trillion in value after Saudi Aramco – Saudi Arabia's state-owned multinational that sits astride the world's supply of oil and gas – hit the $2 trillion mark on its second day of trading as a public company.

Shares in Apple have been on a tear for years, but they've performed particularly well in 2020, gaining by more than 50 percent, despite the disarray caused by COVID-19. The company's stock has gained, on average, 3.5 percent every week since the beginning of June, reports The Wall Street Journal. And its share price jumped significantly after its most recent earnings report in July, where the company reported record sales and a total of $59.7 billion in revenue — up 11 percent compared to the same quarter last year.

"With a strong broad portfolio of devices and a growing services offering, there are plentiful opportunities for [Apple's] future growth," PP Foresight analyst Paolo Pescatore said. "All eyes are now on the eagerly anticipated 5G iPhone which will fuel further consumer demand."

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