Apple’s Market Cap Closes Above $3 Trillion

This week, Apple remarkably became the world’s first corporation to finish a trading day with a market cap above $3 trillion. Its shares are up almost 50% this year.

Apple’s value officially passed the $3 trillion mark for the first time in June this year, after briefly touching $3 trillion in December 2022. Apple stock hit its all-time high on July 31 and it remains the most valuable publicly traded U.S. company.

The milestone is a sign of the company’s durability. The iPhone maker’s stock price has ridden the wave of a turbulent year and has touched the heights in terms of market cap and share price growth. This is despite the company reducing its total share count through buybacks.

Investors around the world consider Apple to be a titan on the stock exchange with significant cash flow, globally resilient products, and reliable shareholder return programs. All this despite struggling with slowing growth and supply chain problems in markets such as China.

The good news comes with some caveats. In Apple’s fiscal 2023, which started in October, the company reported $383.29 billion in total revenue, down about 3% from the prior year.

Apple also warned in November that it didn’t anticipate annual revenue growth during its crucial December quarter, which is the first full quarter with iPhone 15 sales. Next year, the company intends to release its Vision Pro virtual reality headset, its first major computing platform since introducing the Apple Watch in 2014.