On Wednesday, Apple briefly surpassed the $2 trillion mark in market cap value. Apple’s stock price briefly rose to $467.77 and shares closed today with $462.83 with a market cap of $1.98 trillion.
Apple has had a highly successful year despite the pandemic, fueled by a sudden need for tech during a time when many had to transition to working from home. Following a 15% decline in iPhone sales during the holiday season quarter, the company has remarkably recovered in 2020.
In July, the company reported a strong quarter with $59.7 billion in revenue and significant growth in its products and services. Apple attributed its strong performance to consumers working from home and strong online sales. Apple was also quick to adapt to online sales when retail locations had to be closed.
Apple was also the first US company to surpass the $1 trillion market cap in 2018, taking over just two years to double it. Year to date, the company’s shares are up by 60% and shares have gone up by 120% in the last year. Investors no longer see Apple as a hardware maker, but more a software company.