Apple crosses $2 trillion market cap in intraday trading after its stock doubles in less than five months.
Apple Inc.’s market capitalization climbed into $2-trillion territory Wednesday, though its shares pulled back toward the end of the session, bringing its valuation back below the mark by the close of trading.
Still, the intraday ascent to the $2-trillion mark came as yet another valuation milestone just two years after Apple became the first U.S. company to top $1 trillion. Despite fears about what store closures and economic pressure would mean for the company’s hardware sales, Apple demonstrated the resilience of its business last quarter with sales that exceeded estimates even from before the pandemic came into view. The company’s Mac and iPad sales have been especially strong given that more people are studying and working from home.
Apple shares have continued marching higher even amid renewed scrutiny of the company’s App Store practices. Chief Executive Tim Cook appeared at a House of Representatives antitrust hearing in July and faced questions on the company’s fee structure for the App Store, in which Apple retains up to 30% of sales of digital goods purchased through third-party apps that users download from the App Store.
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