Apple reached $ 3 trillion in daily trading on Monday, tripling its value in less than four years. The company broke the barrier when its stock price reached $ 182.86.
This turning point is more symbolic; But it shows that investors’ perceptions of Apple stock and its ability to grow are positive. The fourth quarter revenue of the company showed annual growth in all product categories. It also found that Apple’s revenue increased 29 percent compared to the same period last year.
While the iPhone remains the biggest driver of sales, Apple’s service business grew 25.6 percent year-on-year to more than $ 18 billion in the quarter.
In December, for example, Morgan Stanley’s Katie Huberty raised Apple’s target price from $ 164 to $ 200, keeping the equivalent of a buy rating. He argued that new products, such as virtual reality and augmented reality headsets, had not yet developed enough to enter the stock market. Huberty added that he expects Apple App Store revenue to be higher than Morgan Stanley’s forecast for this quarter.
Ming Chi Koo, an analyst at TFI Asset Management Limited, said in a note Monday that Apple sold 27 million pairs of its latest AirPad model over the holidays, boosting the company’s wearable gadget business by 20 percent year-over-year.
Apple was the first public company in the United States to reach a market value of $ 1 trillion during its day-to-day trading on August 2, 2018, and just over two years later, on August 19, 2020, it exceeded the $ 2 trillion ceiling. Of course, Apple’s counterparts are not far behind. In the market, Microsoft is worth about $ 2.5 trillion, Google about $ 2 trillion and Amazon about $ 1.75 trillion.