Apple just hit a market cap of $2 trillion, doubling in valuation in a little over 2 years.
Apple shares are up about 60% year to date, pushing through the coronavirus pandemic that has battered many companies. In the past year, shares have risen more than 120%.The company posted a historically strong third quarter in late July, including $59.7 billion in revenue and double-digit growth in its products and services. Apple saw widespread retail closures during the quarter, especially in the United States but said work-from-home trends and strong online sales boosted overall operations.
While the mark is largely symbolic, it does underscore CEO Tim Cook's success at changing the company's story. Investors have started seeing Apple's business less like other hardware makers and more like a software company, as indicated by Apple's quickly rising price-earnings ratio, which is now over 33.
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