Apple CEO Tim Cook opens the door of the newly renovated Apple Store on Fifth Avenue on September 20, 2019 in New York City.
Kena Betancur | AFP | Getty Images
Apple hit a $ 2 trillion market cap on Wednesday, doubling in value in just over two years. It is the first publicly traded American company to reach the $ 2 trillion milestone.
Apple’s share price hit $ 467.77, pushing it over a $ 2 trillion market cap just before 11 a.m. ET. It hit the $ 2 trillion mark with a share price of $ 467.77 based on an excellent stock count of 4,275,634,000 shares.
Apple first reached a $ 1 trillion market cap on August 2, 2018. Wall Street has largely expected Apple to be the first to surpass the $ 2 trillion mark. On July 31, Apple overtook state oil giant Saudi Aramco to become the world’s most valuable publicly traded company.
It did not take long for other tech giants to match Apple’s $ 1 trillion market cap. Today, Amazon, Microsoft and Alphabet all have market capitals above $ 1 trillion.
Apple shares are up 59.24% year-on-year, hitting the pandemic that has plagued many companies. In the past year, shares have risen by 122.3%.
The company posted a historically strong third quarter in late July, including $ 59.7 billion in revenue and double-digit growth in its products and service segments. Apple saw widespread retail closures in the quarter, particularly in the United States, but touted both work-from-home trends and strong online sales as well as providing an impetus for general operations.
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