On Wednesday, Apple briefly surpassed the $2 trillion mark in market cap value. Apple’s stock price briefly rose to $467.77 and shares closed today with $462.83 with a market cap of $1.98 trillion.
Apple has had a highly successful year despite the pandemic, fueled by a sudden need for tech during a time when many had to transition to working from home. Following a 15% decline in iPhone sales during the holiday season quarter, the company has remarkably recovered in 2020.
In July, the company reported a strong quarter with $59.7 billion in revenue and significant growth in its products and services. Apple attributed its strong performance
Apple was also the first US company to surpass the $1 trillion market cap in 2018, taking over just two years to double it. Year to date, the company’s shares are up by 60% and shares have gone up by 120% in the last year. Investors no longer see Apple as a hardware maker, but more a software company.