The new year has brought good news for all apple lovers. On Monday, Jan 3, 2022, Apple Inc became the first U.S. company to hit $3tn in market capitalization. Special appreciation goes to investor confidence that consumers will continue to shell out top dollar for iPhones, MacBooks and services such as Apple TV and Apple Music, even when the firm is set to explore new markets such as automated cars and metaverse.
The company made its stock market debut in 1980 with a market valuation of $1.8bn. And took just about 16 months to march from $2tn to $3tn in market value to accompany six highly-elite trillion-dollar market cap companies- Microsoft, Alphabet-owner Google, Saudi Aramco, Amazon and Tesla.
The company’s shares rose to $182.88 on the first day of trading in 2022 before closing at $182.01, which multiplied with its 16.4bn outstanding shares helped the iPhone maker breach the $3tn mark market capitalization. Post pandemic when the world’s biggest technology companies saw demand soar, Apple emerged as a winner with a revenue rise of 47 percent from the previous year during its last quarter.
Jake Dollarhide, chief executive of Longbow Asset Management, with extreme pride and enthusiasm, said, “It’s a fantastic accomplishment and certainly worthy of being celebrated. It just shows you how far Apple has come and how dominant it is seen as in the majority of investors’ eyes.”
