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Apple Becomes First Firm To Hit $3tn Market Value 

EU's New Rules To Destroy iPhone Security – Apple

Apple has become the first company to hit a stock market valuation of $3tn (£2.2tn).

Gatekeepers News reports that the US technology giant’s share price has risen by around 5,800% since Co-founder and former Chief Executive Steve Jobs unveiled the first iPhone in 2007.

However, the firm’s value slipped a little from the milestone to end Monday’s trading session in New York at $2.99tn.

It has been one of the big winners of the pandemic, as COVID-19 lockdowns saw an increase in spending on gadgets.

An analyst from Wedbush, Dan Ives said, “Hitting $3 trillion is another historical moment for Apple as the company continues to prove the doubters wrong.”

Apple’s stock market valuation rose from $2tn to $3tn in just over 16 months making it the world’s biggest technology company. Its demand soar as people became more reliant on smartphones, tablets, and laptops during lockdowns.

It was also the first company to hit a stock market valuation of $1tn in August 2018.

The iPhone typically accounts for around half of Apple’s sales, and it is also well-known for its iPad tablets and Mac computers.

Other increasingly important parts of the business are software, sold through the Apple store, storage space via the iCloud, and services such as its music, television, and fitness subscription platforms.

Ives added, “The linchpin to Apple’s valuation re-rating remains its Services business which we believe is worth $1.5 trillion.”

In August, Apple’s Chief Executive Tim Cook while marking ten years in the job, received more than five million shares in the firm.

According to the company’s filing with the US Securities and Exchange Commission, he sold most of the shares for more than $750m.

This was part of a deal he struck when he took over from co-founder Steve Jobs.

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