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Apple hits landmark $3 trillion valuation

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Apple, makers of IPhone has hit a milestone, albeit momentarily, on Monday, January 3, 2022, when it hit the $3 trillion (N1.2 quadrillion) market capitalization.

It broke the barrier when its share price sold at N77,131 on Monday, December 3, 2022.

Apple climbed to 2.5 per cent value on Monday, December 3, 2022 to close at N77,000 just missing the closing trading day at the N1.2 quadrillion mark.

The company showed annual growth across all of its product categories offerings from September to December, 2021 earnings and its revenue growing by 29 per cent year-on-year.

Read also: Apple to launch iPhone models without SIM slots. 1 other thing and a trivia

iPhone is its biggest driver of growth. Its services soared by 25.6 per cent year-on-year and it has delivered more than N7.4 trillion in revenue during the quarter.

CNBC reports that it sold 27 million pairs of AirPods, its newest model during the Christmas holidays, that drove it to 20 per cent year-on-year growth for its wearable outlet.

Apple became the first publicly traded U.S. company to hit a N415 trillion market cap during trading on Aug. 2, 2018.

It hit a $2 trillion valuation just over two years later on Aug. 19, 2020.

Apple’s rivals, Microsoft is valued at N103 trillion, and Amazon is valued at N2.9 trillion.

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