Tuesday, August 09, 2022

Technology

Apple briefly crosses record $3 trillion market cap

IANS | January 04, 2022 12:14 PM

SAN FRANCISCO: The market cap of Apple finally crossed the $3-trillion mark (which is almost India's GDP), more than a year after surpassing the $2-trillion mark.

Shortly after hitting the $3-trillion milestone late on Monday, the market cap dipped again a bit during the day. The Apple stock closed at $182.01.

In order to officially designate Apple as the first publicly-traded company to have the $3-trillion valuation, the market cap must be above the $3-trillion mark when the market closes after the day's trade, reports The Verge.

Apple surpassed the $1-trillion mark three years ago.

The momentous growth has come owing to the success of iPhones and other products despite supply constraints.

In India, Apple doubled its India market share in its fiscal year that ended on September 30, 2021, according to CEO Tim Cook.

Apple estimated that supply constraints had around a $6 billion revenue dollar impact driven primarily by industry-wide silicon shortages and Covid-related manufacturing disruptions.

"Even so, we set an all-time record for Mac and quarterly records for iPhone, iPad, Wearables, Home and Accessories representing 30 per cent year-over-year growth in products, " Cook had said during an earnings call with analysts in October.

"During fiscal 2021, we earned nearly one-third of our revenue from emerging markets and doubled our business in India and Vietnam, " he added.

The festive season's (Q4) full impact will be reflected in the next quarter and experts believe that iPhone 13 and 12 are likely to lead within the portfolio globally, including India.

Apple isn't the only company in the trillion-dollar club. Amazon, Google parent company Alphabet, Microsoft, and Tesla all have market caps exceeding $1 trillion.

Have something to say? Post your comment