Apple became the world’s first company to be valued at over $3 trillion during intraday trading on Jan. 3, tripling its valuation in under four years.
Apple hit the market cap when its share price reached $182.86.
“Hitting $3 trillion is another historical moment for Apple,” Dan Ives, an analyst at investment firm Wedbush, said in a note to investors, as quoted by CBS News.
According to Ives, Apple’s services business — including music, cloud storage, original shows, and fitness apps — is worth fully half of the company at about $1.5 trillion.
Apple’s shares have risen 38% since the beginning of 2021.
According to its report on its last quarterly earnings released in October, Apple made a profit of $20.6 billion over the last three months despite supply chain issues caused by the COVID-19 pandemic.
Apple’s service business grew 25.6% year-over-year and surpassed $18 billion in revenue during the fourth quarter.
Apple alone is now worth more than the combined values of Disney, Netflix, Walmart, Coca-Cola, Boeing, and Exxon-Mobil.
Apple hit a $1 trillion market cap during intraday trading on August 2018, becoming the world’s first trillion dollar company. Two years later, Apple reached a $2 trillion valuation.
Other companies expected to hit a market value of $3 trillion include Microsoft, which is now worth about $2.5 trillion, and Google, which is currently worth around $2 trillion.
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