AgenciesRelated
Mumbai: Market capitalization of Apple rose past $2 trillion on Wednesday, and its value is now more than the GDP of a host of countries including Italy, Brazil, Canada and Russia.
The Cupertino, California-based company's shares briefly rose as to as high as $468.65 on Wednesday, equivalent to a market capitalization of $2.004 trillion, and even surpassed GDP of countries such as South Korea, Spain, Australia, Mexico, Indonesia, Netherlands, Saudi Arabia, Turkey, Switzerland, Taiwan, United Arab Emirates and Norway among many others as well.
Apple, which is the most valuable company in the world has seen its shares more than double from March lows. They are up around 57 per cent so far in 2020, with the share price seeing a boost from the strong forecast-beating earnings despite the Covid-19 pandemic and optimism over its upcoming 5G iPhone.
Last month, the iPhone maker delivered robust quarterly results, reporting revenue gains across every category and in geography as consumers working and learning from home during the COVID-19 pandemic turned to its products and services, Reuters reported.
Apple is followed by Amazon.com Inc. and Microsoft Corp, the second and third-largest U.S. stocks, both of which are valued at below $1.7 trillion.
In August 2018, the company had topped $1 trillion market cap for the first time.
Apple is not the first company to hit the $2 trillion mark.
Saudi Arabia's state-owned Saudi Aramco, the world’s largest producer of oil, reached the $2 trillion mark inDecember 2019 stock debut, but subsequent global economic slowdown and a plunge in oil prices has led to a tumble in its stock price.
The Cupertino, California-based company's shares briefly rose as to as high as $468.65 on Wednesday, equivalent to a market capitalization of $2.004 trillion, and even surpassed GDP of countries such as South Korea, Spain, Australia, Mexico, Indonesia, Netherlands, Saudi Arabia, Turkey, Switzerland, Taiwan, United Arab Emirates and Norway among many others as well.
Apple, which is the most valuable company in the world has seen its shares more than double from March lows. They are up around 57 per cent so far in 2020, with the share price seeing a boost from the strong forecast-beating earnings despite the Covid-19 pandemic and optimism over its upcoming 5G iPhone.
Last month, the iPhone maker delivered robust quarterly results, reporting revenue gains across every category and in geography as consumers working and learning from home during the COVID-19 pandemic turned to its products and services, Reuters reported.
Apple is followed by Amazon.com Inc. and Microsoft Corp, the second and third-largest U.S. stocks, both of which are valued at below $1.7 trillion.
In August 2018, the company had topped $1 trillion market cap for the first time.
Apple is not the first company to hit the $2 trillion mark.
Saudi Arabia's state-owned Saudi Aramco, the world’s largest producer of oil, reached the $2 trillion mark inDecember 2019 stock debut, but subsequent global economic slowdown and a plunge in oil prices has led to a tumble in its stock price.