By Dominic Taylor-
Apple has become the first company to Hit the $2 Trillion Market Capitalisation
Apple, after two solid quarters beating Wall Street estimates, has now The significant achievement comes just over two years after Apple was the first American corporation to attain a market cap of $1 trillion.
Apple’s share price has more than doubled since the pandemic, leading to the company reporting an astronomical revenue of $59.7 billion, an increase of 11% from the $53.8 billion in revenue in the prior-year period.
Its share price hit $467.77 in mid-morning trading in the U.S on Wednesday, pushing it over the $2tn mark. The feat will go in the record books. The only other company to attain the $2tn level was state-backed Saudi Aramco after it listed its shares last December.
The company’s earnings per share of $2.58 was also an improvement on the $2.18 per share that Apple earned in the same period in 2019. Analysts had expected Apple to deliver revenue of $52.3 billion and earnings of $2.07 per share.
Apple had formerly scheduled to deliver its new 5G-enabled iPhone 12 in September, but the company last month confirmed it will suspend the timing of the shipping by two weeks. The feat is one of a kind, but the giant company’s critics will say the giant company bullied its way to the top.
Anti- Competitive Practices
Apple has been accused of anti-competitive practices in the past, leading to the European Union launching an antitrust probe into Apple in June after a complaint last year filed by Spotify over objectionable practices.
In addition, Apple is among the Big Tech companies targeted by various U.S. government antitrust investigations, including by the Justice Department, FTC and state attorneys general.
Cook was among the tech-company CEOs called to testify before the House Antitrust Subcommittee‘s July 29 hearing, where he was grilled about Apple’s App Store practices.
He claimed that “we treat every developer the same,” but documents from the congressional investigation revealed a special deal with Amazon under which Apple would take a 15% revenue cut of Prime Video in-app sales (versus the standard 30%) in return for Amazon agreeing to sell Apple products.
Apple’s revenue saw marked increases across every category and all of regions in its fiscal third quarter.
The company’s hugely loyal customer base trusts its products so much that they continued to buy iPhones and other devices online while stuck at home.