Apple became the first US company to reach a market value of $2 trillion, just two years after it became first to reach $1 million. The company has gained more than 60% increase in share price in 2020. It successfully overcame the shutdown of factories in China, involved in iPhone manufacturing, and the closure of retail sales amid the COVID-19 health crisis.
Saudi Aramco, the oil giant is the only publicly listed company to have reached a $2 trillion market cap. The company broke the record in December, one day after its record-setting initial public offering.
Company’s loyal customer plays a major role in buying Apple’s devices amid the coronavirus pandemic
The iPhone manufacturer’s market-value record comes as major US equity indexes are at an all-time high. They have improved drastically after a multi-year low in March, due to the Federal Reserve stimulus, high probability of a successful coronavirus vaccine, and a new economic relief package.
The company’s loyal customer base played a major role by trusting the brand and continuing to buy iPhone and other devices online while being at home. Apple also reported blowout earnings for the April-June quarter.
Investment in hardware and software application, bringing in billions of dollars every year
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The company was started by Steve Jobs in a California garage. After launching the iPhone, the most trusted and valued product, Apple has expanded its products and services, bringing in billions of dollars in revenue every year.
In addition to producing iPhones, Apple is also known for investing in creating several hardware and software applications. Their devices are known mostly for their brand value and high cost. It has continued to ship its products through online shipping even though the retail stores have been closed in this pandemic.
The net worth of Apple higher than the GDP of several European countries
Apple has been leading the group of major tech companies in taking over people’s lives and the stock market. Currently, Apple, Microsoft, Amazon, Facebook, and Google’s parent company account for nearly 23% of the S&P 500’s entire value.
A major portion of the income has come through pattern rights, and through payment gateways other than selling hardware products. As per the latest reports, the net worth of the company is even higher than the GDP of many European countries having less than a trillion economy.