How’s this for a New Year’s present: Apple became the first company in the world to reach a market cap of $3 trillion, which the tech giant did so on Monday morning.
The company’s shares on Monday were up as much as 3% Monday. It reached that $3 trillion number when its share price topped $182.86 (though it has since gone down a bit).
The largely symbolic milestone reflects investor confidence in the stock and its ability to continue to grow. Apple has tripled its valuation in less than four years. Apple reached $1 trillion in valuation in August of 2018, and doubled that two years later in August of 2020.
Apple’s closest competitor in terms of market share is Microsoft at around $2.5 trillion. Google is just under $2 trillion while Amazon has a valuation of $1.75 trillion.
Apple is coming off its first earnings miss in 6 years. For the three months ending on Sept 25, Apple reported $83.4 billion in revenue, below Wall Street’s expectations of $84.85 billion. The tech giant also reported an earnings per share of $1.24, which matched projections. Apple still managed to hit records for its full fiscal 2021 year in both revenue, with $365.8 billion, and net income with $94.7 billion.
Apple still gets the bulk of its revenue from its device sales, particularly iPhones, though its services business continues to grow. Last quarter, it had 25.6% year-over-year growth and accounted for $18 billion in revenue.