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Apple makes history as world's first $3 trillion company
Apple once again became the first company in the US to reach a major milestone, passing a $3 trillion market cap during trading on Monday, January 3.
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The company's shares exceeded the mark when they reached a price of $182.86 before Monday's closing bell, according to CNBC. Although Apple's share price would once again dip below the mark to close the day at $182.01, it represents an incredible milestone that the iPhone maker will certainly pass again as its upward trajectory continues.
Apple reached the $1 trillion mark just a few years ago, passing it in August 2018 and quickly setting its sights on blowing by $2 trillion almost a year later in August 2019. Cupertino may have taken slightly longer to add its third trillion, but it's an even more impressive accomplishment given the fact that it occurred during the COVID-19 pandemic, while many companies are still struggling to maintain component supply chains.
Apple's 2018 accomplishment was, justifiably, seen as the result of the continued success of its iPhone lines. Today, the iPhone remains a top component of the manufacturer's 29% year-over-year growth in FY 2021, but it is now joined by massive new revenue drivers coming lines like Apple's highly successful M1/M1X MacBooks and its AirPods, which moved 90 million units over the holidays alone, CNBC noted.
While Apple does occasionally miss the mark with releases like the HomePod, it's far more likely to dominate any market segments it chooses to target. The Apple Watch's continued position atop the wearables market should be evidence enough of that. This knack for clinching product categories makes it likely that Apple's long-rumored augmented reality (AR) glasses will have an additive effect on its bottom line, something multiple sources expected to happen in 2022.
It's only a matter of time before we're revisiting this topic again with a $4 trillion milestone.