Apple became the first US company to be valued at over $3tn on Monday as the tech company continued its phenomenal share price growth, tripling in value in under four years.
The iPhone maker became a $1 trillion company in August 2018 and two years later became the first company to be valued at $2 trillion. On Monday, shares in the company rose by 3 percent to $182.86, taking it past the latest milestone, before easing back to trade at $182.
Since the beginning of 2021, the iPhone maker’s shares have jumped by 38%. Apple accounts for a significant percentage of holdings for major indexes. Therefore, the stock’s gains have mirrored those of the broader market during a time of economic and technological change.
Apple has reported strong earnings results since the start of the pandemic, as its products and services have been in high demand as more people work, learn, and connect with others from home. The company’s revenue is forecasted to top $118 billion in the current quarter, surpassing its all-time quarterly record of $111.4 billion set a year ago.
While the company’s flagship product, the iPhone, remains a money-spinner, Apple’s Services increasingly account for a major chunk of its profits. The latter includes revenues from its App store, music, and television streaming businesses.
Apple will look to build upon its success in 2022, with a wide range of products rumored to launch, including at least five new Macs, a redesigned iPad Pro with support for wireless charging, a rugged version of the Apple Watch, second-generation AirPods Pro, an AR/VR headset focused on gaming, content consumption, and communications, and more.