Apple has become the world’s first public company to reach a $2 trillion market capitalization – two years on from its $1 trillion milestone, outperforming Google and Amazon.
In part thanks to the coronavirus pandemic, Apple has seen its stock almost double, with investor confidence rebounding following Apple’s strong revenue growth in the second quarter of 2020. Services, which include Music, Apple TV+, and Apple Arcade, also grew.
Despite an uncertain economic background, big technology brands have seen their stocks surge, as investors see them as “safe bets” in today’s challenging market.
At the start of the pandemic in the United States, AAPL stock fell to as low as $230, but hardware and software sales have proven to be stable as consumers began to work from home.
As AAPL stocks crossed the $467.77 mark yesterday, Apple reached its $2 trillion market cap.
In the months and years ahead, Apple will be under increased pressure to deliver on its subscription services to drive revenue, as iPhone and Mac sales continue to fall.
Apple has found great success with Apple Music, but Apple TV+ and Apple News+ have struggled.
In October, the company is widely expected to announce a new bundle, bringing together all of its subscription services under one monthly fee. It will be similar to Amazon Prime and be called Apple One, offering consumers television, games, news, music, and fitness videos.
Investors also expect Apple to post strong results this fall with the iPhone 12, which will offer a major leap forward in hardware. Apple will add 5G cellular for the first time, and a redesign of the iPhone is also expected.
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