Apple’s recent market valuation of $3 trillion made it the first publicly traded corporation in history to do so.
This is largely a significant achievement, but it does suggest that investors are still confident in Apple’s future prospects.
Apple’s market worth tripled in less than four years to reach $3 trillion.
In a month defined by investor enthusiasm for the promise of artificial intelligence, Apple’s rise stood out as one of the most notable.
Investors also favored companies with excellent financial statements and revenue.
The most recent quarterly report from Apple, released in May, revealed that its revenue and profitability above analysts’ estimates, as well as its history of stock buybacks, strengthened its reputation as a secure investment in times of economic turmoil worldwide.
In its fourth-quarter earnings, Apple exhibited an annual increase across all of its product categories, with revenue climbing 29% year over year.
Apple’s services division expanded 25.6% year over year and generated more than $18 billion in revenue during the quarter, even though the iPhone is still the company’s main source of revenue.
On August 2, 2018, during intraday trading, Apple became the first publicly traded U.S. business to reach a $1 trillion market cap.
On August 19, 2020, just over two years later, it reached a $2 trillion valuation.
The company’s solid financials and massive cash flow have made it a sanctuary for investors amid the recent market volatility; Apple has been using these resources to fund the development of new products, the repurchase of its own shares, and the distribution of dividends to its stockholders.
Read more on Tech Gist Africa: