Apple’s market capitalization surpassed the $ 2 trillion mark as its share price hit $468.65 on Wednesday. The surge pushed the company’s market value to $2.004 trillion with a share count of over 4.275 billion. The company broke yet another record, becoming the first publicly-traded company to hit the $2 trillion mark. Apple was also the first company to achieve the $1 trillion market capitalization in August 2018.
Apple doubled its valuation in two years, earlier surpassing Saudi Oil Giant Aramco as the most valuable publicly listed company.
The iPhone maker continues to amass, posting both investor and customer confidence amid the pandemic. On the one hand, investors continue to bet on big tech, riding on the surge of e-commerce, video streaming, among other services during the pandemic.
On the other hand, customers continue to show loyalty to the company, moving their purchases online. The company recorded revenues of $59.7 billion against an expected $52.3 billion for Q3 ended June 27, 2020, despite closing its retail stores because of the pandemic.
Apple’s market capitalization now accounts for approximately 7% of the S&P 500’s total value. Hitting the $2 trillion mark shows investor confidence in the company’s strategy, widening its software product portfolio.
Apple plans a four for one stock split of its common stock from August 31.