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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.

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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.

The iPhone maker passed the $1 trillion-mark for the first time nearly two years ago.
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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.

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.

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.

(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)

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Topics:  iPhone   Apple 

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