After climbing significantly in 2021, Apple stock briefly hit a moment where the company saw its market cap at $3 trillion. At market close, the market cap dropped back below $3 trillion down to $2.99 trillion.
Apple stock has performed incredibly well in recent times, it has gained over 500% in the past 5 years and since IPO the stock has increased by around 202,133.30%.
In October 2021, there was a moment where Microsoft overtook Apple as the worlds most valuable company, at the time of us reporting that Microsoft had a market cap of $2.489 trillion and Apple’s was $2.476 trillion. Currently, the market cap of Microsoft is sitting at around $2.51 trillion, which, compared to Apple, Microsoft has not seen a huge increase in market cap growth since October.
Apple’s most recent results were posted in Q4 2021 (October 2021). In the report, some figures missed out on analyst predictions. Some highlights include:
Recently Apple began the transition to its own Apple Silicone, moving away from using Intel chips in its devices. The move began with the launch of the Apple M1 chip and most recently launched M1 Pro and M1 Max.
In the previous earnings report Tim Cook, CEO of Apple said:
“This year we launched our most powerful products ever, from M1-powered Macs to an iPhone 13 lineup that is setting a new standard for performance and empowering our customers to create and connect in new ways,”
Over the past few years, Apple has pushed deeper into the services business, in an attempt to diversify its revenue away from being too reliant on iPhone and this move Is going very well. Apple now offers many services such as Apple Music, Apple News+ and Apple TV+ where customers can watch the well known Ted Lasso series, as well as iCloud+ and Apple Fitness+. A Wedbush analyst recently said they believe Apple’s services business alone is worth $1.5 trillion.
Tim Cook was named Apple CEO in 2011, taking over from a co-founder of Apple, Steve Jobs. After over 10 years in the position, he has indicated that he will be stepping down at some point, most likely within the next 10 years. But he did say that he would like to oversee one last major product launch. It is unknown what this product may be, however, the most interesting rumours of products Apple are working on would include the Apple Glasses and Apple Car.
Apple was not only the first US company to reach $3 trillion in market cap, but it was also the first to reach both the $1 trillion and $2 trillion market cap.
Apple stock was at $182.01 at market close the day it reached $3 trillion in market cap.