Apple turns into first agency to hit $3tn market worth

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Apple’s share price has risen roughly 5,800% since co-founder and former CEO Steve Jobs introduced the first iPhone in 2007.

Apple was one of the big winners in the pandemic as device spending spiked with coronavirus lockdowns.

“The $ 3 trillion win is another historic moment for Apple as the company continues to prove the doubters otherwise,” said Dan Ives, a Wedbush analyst.

It took a little over 16 months for Apple’s stock market valuation to jump from $ 2 trillion to $ 3 trillion as the world’s largest tech companies saw demand surge as people turned more on smartphones, tablets during the lockdown and laptops were dependent.

The company became the first to achieve a stock market valuation of $ 1 trillion in August 2018.

The iPhone usually makes up about half of the company’s sales, while it’s also known for its iPad tablets and Mac computers. Increasingly important parts of the business are software that is sold through the Apple Store, storage space through iCloud and services such as subscription platforms for music, television and fitness.

“The linchpin of Apple’s re-evaluation remains the services business, which we believe is worth $ 1.5 trillion,” said Ives.

In August, Apple CEO Tim Cook received more than five million shares in the company when he celebrated ten years with the company.

A company filing with the US Securities and Exchange Commission showed it sold most of its shares for more than $ 750 million.

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

The award depended on how well Apple stock had performed against other companies in the S&P 500 stock index.

Apple, based in Cupertino, California, was founded in 1976 by Steve Jobs and his business partners Steve Wozniak and Ronald Wayne.

The company debuted publicly in 1980 with a market valuation of $ 1.8 billion.

In November, the original Apple computer built by Mr. Wozniak and Mr. Jobs fetched $ 400,000 at auction in the United States.