Apple shares rose to record high on Wednesday. As a result it became the first US company to hit $2 trillion valuation.
Based on a share count of more than 4.275 billion, Apple Inc. (NASDAQ:AAPL) broke the barrier just before 11 a.m. ET, when its price rose to $467.77.
The spike was briefly though it has added one more feather in Apple’s market cap. Apple has become the first publicly-traded company to touch $1 trillion as well as $2 trillion valuation.
The other tech behemoths Microsoft, Amazon and Alphabet are not far behind though.
What is more impressive here is that Apple’s journey from $1 trillion to $2 trillion has been no less than a case study. It took the iPhone maker just 2 years to double its valuation.
In the last one year as well Apple recorded phenomenal growth, clocking 120% YOY growth in its market valuation.
Apple has been on a dream ride for the last few years, clicking record YoY growth in its revenue. Despite all the hullabaloo against the exorbitant price strategy employed by Apple, iPhone sales continued to skyrocket. It’s quite evident from the fact that the company presented the best ever third fiscal quarter ending June 2020 with recorded revenue of $59.7 billion.
Under the leadership of Tim Cook, Apple continued scaling new heights with impressive sales growth it’s its products as well as services offerings.
Just to put things in context, since the demise of Apple’s visionary CEO Steve Jobs in late 2011, the valuation of the company increased from $350 billion to $2 trillion, at 21.3% CAGR. Indeed, this is the best yearly performance posted by any tech company in the last decade.