Apple gains $1tn in market value in five months

Tech titan hits landmark $2tn market valuation by Wall Street

Apple has become the first company to be valued at $2tn by Wall Street, just two years after it was the first to reach the landmark $1tn valuation.

The tech giant managed to gain its second $1tn of value in the past five months, despite the challenges facing the global economy as a result of the ongoing pandemic. It saw its share price grow from $224.3 on the 23 March - its lowest point in the past six months - to $467.92 this morning.

Apple is only the second company ever to be valued at $2tn, as Saudi Arabian oil company Saud Aramco briefly hit the historic figure the day after its IPO on the Riyadh stock exchange last December.

The new valuation now means there is a $300bn gap between Apple and Amazon, the next largest company on Wall Street.

It has been a rollercoaster year for the vendor, as it saw supply constraints at the beginning of the year due to the Chinese lockdown, leading it to tell shareholders it couldn't provide guidance for its Q1 as the coronavirus started to impact business operations.

However, it reported its best June quarter ever as revenue climbed 11 per cent to $59.7bn for the quarter.

The firm has also found itself in hot water this year, as a French regulatory fined it €1.24bn for running an antitrust "cartel" in that market. Apple is appealing the penalty.