In less than 4 years, Apple has seen its valuation triple, thus bringing its market cap to $3 trillion during intraday trading on Monday.
According to CNBC who broke the news, Apple hit the milestone as soon as its share price hit $182.86. The feat goes to show the level of confidence that investors have in Apple stock as well as its ability to grow.
Apple Share Price Expected To Continue Rising
Meanwhile, despite Apple showing significant yearly growth across all of its product categories in its fourth-quarter (Q4) earnings in 2021, analysts are positive there is still room for more growth even in this year.
One product of Apple that has been largely responsible for its high success is the iPhone. The iPhone remains the cash cow for the company, driving its biggest sales, and helping to bring the company’s services and business up 25.6% with a revenue of over $18 billion in the quarter.
But the iPhone is not the only product of Apple that is enjoying success at the moment. Q4 2021 earnings figures also suggest that all of Apple’s other businesses and services are all having a great time as well, with each recording all-time highs in the quarter.
Meanwhile, a little while after hitting the $3 trillion mark at about 1:45PM ET, Apple’s market cap slipped below the mark again. And for Apple’s valuation to be officially pegged at $3 trillion, the market cap must be above the $3 trillion mark must remain above the mark by the time the market closes at 4PM ET.
Many More Companies Eyeing The $3 Trillion Mark
Interestingly, the computer electronics giant isn’t the only company in the trillion-dollar club. Other big names like Amazon, Tesla, Microsoft, and Google parent company Alphabet all have market caps that are over $1 trillion.
Back in June, Facebook parent company Meta also crossed the $1 trillion milestone but has since slipped below, currently sitting below the mark.
If officially pegged at $3 trillion valuation, Apple will become the most valuable publicly-traded company.
Although the firm surpassed Saudi Aramco in July 2020, Microsoft overtook it for some time back in October.
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Source: https://coingape.com/breaking-apple-hits-3-trillion-market-capitalization-share-price-hits-182/