Apple Briefly Becomes World's First $3 Trillion Company
Apple briefly became the world's first $3 trillion company today based on market capitalization, which is the total value of all of the company's outstanding shares. The milestone came after Apple's stock price rose over 40% in the last year.
The impressive feat, which Apple achieved when its stock price reached the $182.86 mark during intraday trading, came just over 16 months after Apple became a $2 trillion company and less than three and a half years after Apple reached the $1 trillion mark.
Update: Apple's market cap was slightly below the $3 trillion mark again as of the stock market closing at 4:30 p.m. Eastern Time.
Apple has reported strong earnings results since the start of the pandemic, as its products and services have been in high demand as more people work, learn, and connect with others from home. The company's revenue is forecasted to top $118 billion in the current quarter, surpassing its all-time quarterly record of $111.4 billion set a year ago.
In a memo shared with staff when Apple hit the $1 trillion mark in 2018, Apple CEO Tim Cook said the achievement was "not the most important measure of our success," adding that "financial returns are simply the result of Apple's innovation, putting our products and customers first, and always staying true to our values."
"Hitting $3 trillion is another historical moment for Apple as the company continues to prove the doubters wrong with the renaissance of growth story playing out in Cupertino," said analyst Dan Ives of Wedbush, which has a $200 price target for AAPL.
Apple will look to build upon its success in 2022, with a wide range of products rumored to launch, including at least five new Macs, a redesigned iPad Pro with support for wireless charging, a rugged version of the Apple Watch, second-generation AirPods Pro, an AR/VR headset focused on gaming, content consumption, and communications, and more.