Apple’s market capitalization hit $ 2 trillion on Wednesday, making it the first company outside Saudi Arabia to reach this milestone. Saudi Arabia’s state-owned oil company, Saudi Aramco, was briefly valued at $ 2 trillion last December, but Apple exceeded its value last month.
The new milestone comes just two years after Apple first reached a market capitalization of $ 1 trillion. This is particularly noteworthy because Apple’s market capitalization was recently below $ 1 trillion in March, when fears of a coronavirus recession caused shares across the board.
But although the coronavirus has created economic hardship for many companies and workers, Apple and other large technology companies have won a fortune. Could not spend money on experiences such as going out or going on vacation, have consumers who still have jobs placed on digital gadgets instead.
The result: Apple enjoyed strong revenue and profit for its most recent quarter that ended in June. The company generated revenue of nearly $ 60 billion, up 11 percent from the same quarter a year earlier. Revenue was $ 11.2 billion, up from $ 10 billion a year earlier.
For the quarter from January to March, a period when many companies were forced to scale back operations, Apple reported revenue of $ 58 billion, which is less than a year earlier.
The record value is a justification for Apple CEO Tim Cook. Cook took over as CEO of a malicious Steve Jobs nine years ago. Apple under Cook has introduced fewer breakthrough products than it did in Steve Jobs’ 14th birthday. The Apple Watch and AirPods are probably Apple’s most notable product introductions since 2011.
But Cook has leveraged his supply chain expertise to gradually expand Apple’s product line while maintaining the high quality of Apple devices. He has also found new ways to monetize Apple hardware with services like Apple Music. As a result, the iPhone and other Apple products have continued to generate massive profits for Apple shareholders.
Apple’s greatness – and in particular its overall control over the iPhone app’s ecosystem – has made it some enemies. Last month, members of Congress cook, along with three other Big Tech executives, grumbling about the way Apple manages its App Store. The hearing was part of a year-long investigation into competition in the tech sector.
More recently, Epic Games argued for Apple’s policy of requiring a 30 percent cut in all in-app purchases. Epic states that the policy is in violation of anti-trust law.
