Apple has just hit a valuation milestone like no other: it’s the first public company to hit a market capitalization of $2 trillion.
Let’s put that into context. A billion is an almost unfathomably large number, right? Well, two trillion is two thousand billion, or $2,000,000,000,000. That’s a lot of zeroes!
This valuation is especially impressive/scary considering Apple only hit the $1 trillion mark two years ago. Of course, market caps fluctuate with share prices, but it’s still incredible to think that Apple is worth twice as much as it was in 2018.
Despite a rocky year in which the COVID-19 pandemic forced Apple to close its retail stores for a period, its recent earnings report proved that isolation has been very kind to online product sales. Surprisingly, revenues are up across the board and that really shows with Apple’s rocketing share price of late.
Just a few weeks ago, Apple’s rising shares technically made CEO Tim Cook a billionaire for the first time. Though he is always quick to point out that financial success is merely a side effect of innovation and excellence, we’re sure he will be pleased with the recent news.
Apple has hit the $2 trillion milestone ahead of its closest rival Amazon, just as it did with the $1 trillion milestone. But it probably won’t be long until others join the two-tril club. In the meantime, though, this is great news for investors and shows it will take more than a global pandemic to slow Apple down.