BUSINESS Apple becomes first US company to hit $2 trln market cap

BUSINESS

Apple becomes first US company to hit $2 trln market cap

Xinhua

07:28, August 21, 2020

A staff worker talks with a customer outside an Apple store on Fifth Avenue of New York City, the United States, June 17, 2020.(Photo: Xinhua) 

Apple hit a market capitalization of 2 trillion U.S. dollars on Wednesday to become the first publicly traded U.S. company to reach the milestone.

Based on the share count of more than 4.275 billion, Apple broke the barrier just before 11 a.m. ET Wednesday, as its share price rose to 467.77 U.S. dollars. Apple shares traded at a high point of 468.65 dollars during the day and 462.83 dollars per share at closing.

Apple first reached 1 trillion U.S. dollar market cap on Aug. 2, 2018. Other tech giants as Amazon, Microsoft and Alphabet also reached 1 trillion market cap.

Apple shares are up about 60 percent year to date. In the past year, its shares have risen more than 120 percent from 201 U.S. dollars per share.

The company posted a strong third-quarter report in late July, with quarterly revenue of 59.7 billion U.S. dollars, up by 11 percent year on year, while Apple's net sales in the Great China region increased to 9.329 billion dollars from 9.157 billion dollars a year ago.

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