On Monday, Apple’s market value hovered at a little less than 3 trillion U.S. dollars (approximately Rs 2,277,211.5 billion), after the company’s amazing performance over the past decade has made it the most valuable company in the world.
The company’s stock price fell slightly more than 2% on Monday to close at US$175.74 (approximately Rs 13,300), reversing the previous gains when the stock price was close to US$182.86 (approximately Rs 13,800) required for a market value of 3 trillion US dollars. Apple’s stock price rose by about 11% last week, continuing the year-to-date gain of more than 30%, because investors still believe that wealthy consumers will continue to pay high prices for services such as iPhone, MacBook, and Apple TV and Apple Music.
It took 16 months for the iPhone manufacturer’s market value to rise from US$2 trillion (approximately Rs 1518121 crore) to nearly US$3 trillion (approximately Rs 227,721.15 crore) because it led a batch of Large technology companies, such as Alphabet and Amazon, which are Google’s parent companies, benefit from people and companies that rely heavily on technology during the pandemic. In contrast, it took two years for Apple to grow from US$1 trillion (approximately 759,075 billion rupees) to US$2 trillion. Brian Frank, a portfolio manager at Frank Capital, said that he sold his long-term position in Apple in 2019 because of the rising valuation of the stock.
“It seems that the stock has digested all possible good results.” Synovus senior portfolio manager Daniel Morgan said that the new income line expected by investors may include Apple Car, and growth in service categories such as apps and TV, but it is still far below 65% of the company’s revenue generated from iPhone sales. Trust company.
The $3 trillion milestone will add another piece to CEO Tim Cook, who took over after Steve Jobs’ resignation in 2011 and is responsible for overseeing the company’s development of new products and markets. Of expansion. OANDA analyst Edward Moya (Edward Moya) said: “Tim Cook (Tim Cook) has done a great job in the past ten years, so that Apple’s stock price rose more than 1,400%.”
Complete News Source : Gadgets360
