Apple Is Now Worth More Than $3 Trillion, First Company to Hit Market Cap Milestone
variety.comTodd Spangler NY Digital Editor Apple, already the most valuable company on the planet, on Friday saw its market capitalization climb past $3 trillion as the tech colossus reached a historic milestone.
The iPhone maker’s shares rose above $192/share in early trading June 30, pushing its market cap over $3 trillion. That’s more than the gross domestic product of most of the world’s countries.
On Jan. 3, 2022, Apple briefly topped $3 trillion in market cap during intraday trading — but shares suffered a 27% drop over the course of last year amid a macro-economic slowdown that triggered a broad pullback in tech stocks.
In 2023, Apple shares are up more than 50% as Wall Street has once again turned bullish on big tech. While Apple has posted two straight quarters of revenue declines, analysts believe the Cupertino powerhouse has significant upside in its services segment, which includes the App Store and subscription services like Apple Music, Apple TV+ and iCloud.
Read more on variety.com
