Apple reached yet another financial milestone as it became the first-ever publicly-traded company to hit $3 trillion in market value. It’s been a big few years for the already incredibly successful company.
The market value for Apple first hit $1 trillion in August 2018, and then passed $2 trillion two years later in August 2020.
Apple was one of the companies that seemingly benefitted from the ongoing Covid pandemic and the global lockdowns. Sales for iPhones, MacBooks, and iPads, in particular, were fueled by stay-at-home measures and lockdowns, pushing Apple’s capitalization past $2 trillion by Aug. 2020 and then adding another full trillion dollars only 16 months later.
Senior market analysts say that Apple was a key pandemic trade for many people.
Shares for the company sharply rose nearly 35 percent in 2021. There was a huge demand for the new iPhone 13, as well as older models. Subscription services also increased, including for Apple TV+, its iCloud service, Apple Music, and purchases through the always-popular App Store.
Sales had a whopping success, surging nearly 30 percent, and reaching more than $83 billion in the fiscal quarter that ended in September. Not to mention the stinking amount of cash the company has at $191 billion.
But analysts say that as the pandemic ends, the company may struggle a bit. The next product breakthrough is “nowhere near,” analysts said, and that it’ll be a lot harder for the company to reach the next threshold of four or five trillion than it was for them to jump from two to three.
Apple is aware it seems that it needs to reduce reliance on selling iPhones, which currently makes up more than half of the company’s revenue. Apple has plans in the works to expand into other avenues of revenue, including self-driving cars and augmented reality.