Apple's share price has doubled since March, making the tech giant the first $2 trillion company in the United States. On Wednesday (August 19), Apple's stock rose to $467.77 in mid-morning trading, pushing the company's value above $2 trillion. While Apple was beat to the mark by Saudi Aramco in December, the oil company has seen its value drop to $1.8 trillion.
"Adding a trillion in four or five months — that's really quite unbelievable," Neil Campling, an analyst at Mirabaud Securities, told the Financial Times. "We have in a very quick period of time for Apple gone from a discount valuation to the market to a premium valuation."
Apple has managed to thrive despite the global coronavirus pandemic, reporting strong third-quarter figures, including nearly $60 billion of revenue and double-digit growth in its products and services segments. The company's stock has doubled since a low point in March and is up 120% over the past year.
"The last few months have underlined the importance of users and households alike to own better quality devices, connections and services and with Apple's strong, broad portfolio of devices and a growing services offering, there are plentiful opportunities for future growth," Paolo Pescatore, a technology analyst at PP Foresight, said according to Yahoo! Finance.
Apple reached the historic milestone just two years after it became a $1 trillion company in August 2018.
By the end of the trading day, Apple was no longer valued at $2 trillion. Shares closed at $462.83, giving the tech giant a market cap of $1.98 trillion.
Photo: Getty Images