Home NEWS Apple Becomes First Company to Hit $3 Trillion Market Value

Apple Becomes First Company to Hit $3 Trillion Market Value

by InlandTown
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Apple

Roughly 500 days after the multinational company, Apple, passed the $2 trillion level, the company is now worth $3 trillion. Apple has become the first ever company to reach $3 trillion in market value after the stock rallied 3% Monday. The milestone is based on intra-day trading, during which Apple shares briefly crossed $3 trillion in value.

Apple showed annual growth across all of its product categories in its fourth-quarter earnings, with revenue up 29% year-over-year. While the iPhone is still the biggest sales driver, Apple’s services business grew 25.6% year-over-year and delivered more than $18 billion in revenue during the quarter.

In December, for example, Morgan Stanley’s Katy Huberty raised the firm’s price target on Apple from $164 to $200, and maintained the equivalent of a buy rating, arguing that new products like virtual reality and augmented reality headsets aren’t yet baked into the share price.

Huberty also said she expects Apple’s App Store revenue to outperform Morgan Stanley’s forecasts for the quarter and for Apple to ship 83 million units during the December quarter, 3 million more than anticipated.

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