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Apple scripts history, becomes world's first $2 trillion company
San Francisco, August 19, 2020
Weathering the COVID-19 pandemic, US tech giant Apple on Wednesday scripted history by becoming the world's first $2 trillion company by valuation.
Apple stock rose to cross the threshold -- $467.77 per share -- that helped it touch the $2-trillion mark. The stock was hovering near the threshold for most of the time and even touched $468.38 as the US market opened.
The news came as the S&P 500 closed at a new record high on Tuesday, fully wiping out its losses triggered by the coronavirus pandemic.
The Cupertino-based iPhone maker will split its stock at the end of the month. Apple's board of directors has approved a four-for-one stock split, effective from August 31.
The iPhone maker passed the $1 trillion mark for the first time nearly two years ago.
Beating the pandemic blues, Apple posted $59.7 billion in revenue for its fiscal 2020 third quarter ended June 27, an increase of 11 per cent from the year-ago quarter, as iPhone sales beat the Wall Street estimates.
iPhone sales were $26.4 billion, iPad revenue was $6.6 billion while Mac revenue reached $7.1 billion.
Apple posted revenue of $6.5 billion in the Wearables, Home and Accessories segment while its Services vertical (App Store, Apple Music and iCloud etc) reached $13.2 billion in sales.
Apple earlier surpassed Saudi Aramco, the world's most valuable publicly traded company, to become the world's most valuable company with a market cap of $1.84 trillion.
If Apple were a country, it would be classified as the ninth richest one with such market valuation.