Apple becomes first company to hit $3 trillion market value
text_fields
In a first in corporate history, Apple Inc.'s stock-market value briefly rose above $3 trillion on Monday, shattering yet another record and underscoring how the pandemic has turbocharged Big Tech's decades-long rise, as per a Bloomberg report.
It is higher than the GDP of all but four countries - the US, China, Japan and Germany. To put the figure in perspective, India's estimated GDP of Rs 197 lakh crore in 2020-21 translates to under $2.7 trillion at the current exchange rate. Also, more than the GDP of the United Kingdom.
The momentous growth has come owing to the success of iPhones and other products despite supply constraints.
In India, Apple doubled its India market share in its fiscal year that ended on September 30, 2021, according to CEO Tim Cook.
Apple estimated that supply constraints had around a $6 billion revenue dollar impact driven primarily by industry-wide silicon shortages and Covid-related manufacturing disruptions.
"Even so, we set an all-time record for Mac and quarterly records for iPhone, iPad, Wearables, Home and Accessories representing 30 per cent year-over-year growth in products," Cook had said during an earnings call with analysts in October.
"During fiscal 2021, we earned nearly one-third of our revenue from emerging markets and doubled our business in India and Vietnam," he added.
The festive season's (Q4) full impact will be reflected in the next quarter and experts believe that iPhone 13 and 12 are likely to lead within the portfolio globally, including India.
Prateek Jain, co-founder & President, Winvesta, told ET that the iPhone maker reached the first trillion dollars-mark in 38 years, while the second trillion came in the next 24 months and the third trillion took just 16 months.
In terms of market cap, Apple is followed by peers Microsoft ($2.51 trillion), Google's parent Alphabet Inc ($1.92 trillion), Saudi Aramco ($1.9 trillion) and Amazon ($1.73 trillion).