Apple: The first company to reach a $3 trillion market value

Apple has become the first company to reach a stock market capitalisation of $3 trillion (£2.2 trillion).

Since co-founder and former CEO Steve Jobs revealed the first iPhone in 2007, the company's stock has risen by around 5,800%.

However, its value dropped slightly from that high point, ending Monday's New York trading session at $2.99tn.

As a result of the coronavirus lockdowns, Apple has been one of the big winners of the pandemic as people prompted to spend on gadgets.

"Hitting $3 trillion is another historical moment for Apple as the company continues to prove the doubters wrong," said Dan Ives, a Wedbush analyst.

Apple's stock market valuation rose from $2 trillion to $3 trillion in just over 16 months, as the world's largest technology businesses saw demand skyrocket when people became more dependent on smartphones, tablets, and laptops during lockdowns.

In August 2018, the company became the first to reach a stock market valuation of $1 trillion.

The iPhone typically makes up approximately half of the company's sales, but the iPad tablets and Mac computers are also well-known.

Software, sold through the Apple store, storage space via the iCloud, and services such as its music, television, and fitness subscription platforms are all becoming increasingly important parts of the business.

As per Mr. Ives, "The linchpin to Apple's valuation re-rating remains its Services business which we believe is worth $1.5 trillion," Mr Ives said.

Tim Cook, Apple's CEO, received more than five million shares in the company in August to commemorate his ten years on the job.

He sold the majority of the shares for more than $750 million, according to a company filing with the US Securities and Exchange Commission.

It was part of a deal he made when he took over from Steve Jobs, the company's co-founder.

The award was based on how well Apple's stock performed in comparison to other companies in the S&P 500 stock index.

Apple, a California-based company, was founded by Steve Jobs and his business partners Steve Wozniak and Ronald Wayne in 1976.

The company debuted on the stock market in 1980, with a market capitalization of $1.8 billion.

The original Apple computer, designed by Mr Wozniak and Mr Jobs, sold for $400,000 at auction in the United States in November.

By fLEXI tEAM