Apple becomes first firm to hit $3tn market value

The image is from the same source.

Apple is the first company to hit a stock market valuation of more than $2 billion.

The firm's share price has increased by over 5,800% since Steve Jobs introduced the first iPhone.

The value of the company fell a little from that milestone to end Monday's trading session in New York at $2.99tn.

Spending on gadgets jumped as a result of the coronaviruses, and Apple was one of the big winners.

"Hitting $3 trillion is another historical moment for Apple, as the company continues to prove the doubters wrong," Dan Ives, an analyst from Wedbush said.

It took just over 16 months for Apple's stock market valuation to rise from $2tn to $3tn, as the world's biggest technology companies saw demand soar as people became more reliant on smartphones, tablets and laptops during lockdowns.

The company became the first to hit a $1tn stock market valuation.

Half of the company's sales come from the iPhone, while the other half come from the iPad and Mac computers.

Software, storage space via the iCloud and services such as its music, television and fitness subscription platforms are important parts of the business.

The Services business is the linchpin of Apple's valuation re-rating, according to Mr. Ives.

In August, Apple's chief executive Tim Cook received more than five million shares in the company, as he marked ten years in the job.

He sold most of the shares for more than $750m.

He struck a deal when he took over from Steve Jobs.

The award depended on how well Apple's shares performed compared to other firms on the S&P 500 stock index.

Apple was founded in 1976 by Steve Jobs and his business partners.

The company made its stock market debut in 1980 with a market valuation of $1.8 billion.

The original Apple computer was sold at an auction in the US in November for $400,000.

The caption is media.

What is going on with Apple and Epic Games?