Apple becomes a US$2 trillion company as strong sales buck the pandemic

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Apple becomes a US$2 trillion company as strong sales buck the pandemic

It took Apple just two years to go from becoming the world’s first US$1 trillion company to surpassing a US$2 trillion market capitalization.

The milestone took place Wednesday morning as Apple shares climbed about 1 percent.

While not the first company to achieve a US$2 trillion market cap, as noted by VentureBeat, Apple is still the first US$2 trillion company in the U.S. and the first in the technology industry.

The achievement comes as Apple has fared unexpectedly well during the COVID-19 pandemic—a health and economic crisis that’s impacted Apple in myriad ways including its China manufacturing, retail stores, product development processes and product sales.

Overall revenue for Apple’s fiscal third quarter, ended June 27, reached US$59.69 billion—rising 11 percent from the same period a year earlier and crushing the Wall Street analyst consensus estimate of US$52.25 billion.

The iPad and Mac saw the biggest growth among all of Apple’s product categories during the quarter—which the company attributed to demand from remote work and education—while the iPhone business also saw modest growth, driven by demand for the second-generation iPhone SE.

On iPad and Mac during the quarter, “we saw very strong double-digit growth for these devices this quarter,” Apple CEO Tim Cook said during the company’s call with analysts. “This remarkable performance came in spite of supply constraints on both products. We’re working hard to get more iPads and Macs into customers’ hands as quickly as possible, recognizing how integral they have become to working and learning from home.”

As of just after noon US Eastern Time on Wednesday, Apple’s stock price was up 1.1 percent to US$467.43 a share.

This article originally appeared at crn.com

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