Apple Becomes 1st US Company to Hit $2 Trillion-Mark
iPhone sales were $26.4 billion, iPad revenue was $6.6 billion while Mac revenue reached $7.1 billion.
Weathering the COVID-19 pandemic, tech giant Apple on Wednesday, 19 August, scripted history by becoming the first American firm to hit the $2 trillion-mark 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 31 August.
Beating the pandemic blues, Apple posted $59.7 billion in revenue for its fiscal 2020 third quarter ended 27 June, an increase of 11 percent from the year-ago quarter, as iPhone sales beat the Wall Street estimates.
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.
Apple, however, is not the first company in the world to hit the $2 trillion benchmark. Saudi Aramco briefly hit the $2 trillion mark in December 2019 but has since dropped below.
If Apple were a country, it would be classified as the ninth richest one with such market valuation.
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