Advertisement

Business

Updated on: Tuesday, January 04, 2022, 11:10 AM IST

Apple crosses $3 tn market cap; slips again

Apple surpassed the $1 trillion mark three years ago.
The momentous growth has come owing to the success of iPhones and other products despite supply constraints./ Representational image |

The momentous growth has come owing to the success of iPhones and other products despite supply constraints./ Representational image |

Advertisement

Apple like Amazon, Google parent company Alphabet, Microsoft, and Tesla have joined the club by exceeding $1 trillion market capitalisation on Monday.

The market cap of Apple finally crossed the $3-trillion mark (which is almost India's GDP), more than a year after surpassing the $2-trillion mark. Apple Inc on Monday became the first U.S. company to hit $3 trillion in market capitalization.

Shortly after hitting the $3-trillion milestone late on Monday, the market cap dipped again a bit during the day. The Apple stock closed at $182.01.

In order to officially designate Apple as the first publicly-traded company to have the $3 trillion valuation, the market cap must be above the $3 trillion mark when the market closes after the day's trade, reports The Verge.

Apple surpassed the $1 trillion mark three years ago.

The momentous growth has come owing to the success of iPhones and other products despite supply constraints.

In India, Apple doubled its India market share in its fiscal year that ended on September 30, 2021, according to CEO Tim Cook.

Apple estimated that supply constraints had around a $6 billion revenue dollar impact driven primarily by industry-wide silicon shortages and COVID-19-related manufacturing disruptions.

"Even so, we set an all-time record for Mac and quarterly records for iPhone, iPad, Wearables, Home and Accessories representing 30 per cent year-over-year growth in products," Cook had said during an earnings call with analysts in October.

"During fiscal 2021, we earned nearly one-third of our revenue from emerging markets and doubled our business in India and Vietnam," he added.

The festive season's (Q4) full impact will be reflected in the next quarter and experts believe that iPhone 13 and 12 are likely to lead within the portfolio globally, including India.

(With media inputs)

(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

Published on: Tuesday, January 04, 2022, 11:10 AM IST
Advertisement