Apple is now worth USD 2 trillion

Apple is the only US firm to hit the USD 2 trillion mark in terms of market value. 

File photo of an iPhone

Apple is the first US firm to reach USD 2 trillion in market value

The company, known for its iPhones, received the status in mid-morning trading. Apple also secured the distinction as the first company to reach USD 1 trillion in market value last March 2018.

Apple is followed by other technology giants, like Amazon, Microsoft, and Google parent Alphabet, with over USD 1 trillion in market value.

During the coronavirus pandemic, Apple has further cemented its dominance as it recorded strong sales of wearables and tablets, along with new apps and services.

As the coronavirus pandemic limits people's movement and forces companies to embrace the work-from-home scheme, industry sources said Apple continued to gain from this.

Apple has been wildly successful in building out its platforms, mitigating the fact that iPhone sales had peaked, by building products that surround it and services that enhance it, said Avi Greengart, an analyst with the consultancy Techsponential.

In the second quarter, Apple saw its earnings jumped 8 percent to USD 11.2 billion. Revenues, meanwhile, also increased 11 percent to USD 59.7 billion.

Via: ABS-CBN