Apple hits $3tn market cap

Vendor only reached $2tn mark in August 2020

Apple became the first company to reach a market value of $3tn on Monday following a record-breaking year for the tech giant.

The vendor's share price crept up by 2.34 per cent as markets opened on Monday to reach a high of $182.80 a-share representing a market cap of just over $3tn.

Shares, however, began to fall slightly as Monday's trading drew to an end, droppingto $182.01, or a $2.99tn market value.

Apple's share price has rocketed by more than 500 per cent in the last five years alone. The vendor has added $1tn to its market value in just 16 months, having previously smashed the $2tn barrier in August 2020 and the $1tn mark in 2018.

The California-based firm's shares rose by more than 50 per cent in 2021 as sales of iPhones, Macs and iPads continued to thrive throughout the pandemic.

Its product sales surged by 35 per cent in its full-year ending 25 September 2021 to $220.75bn, while its services sales grew by 27 per cent to $68.42bn.

Apple posted quarterly revenues of more than $100bn for the first time for its Q1 ending 26 December 2020 off the back of increased sales during the Christmas period as well as increased demand due to remote working.

Fellow tech giant Microsoft is likely to be the second company to pass the $3tn mark, with its valuation currently sitting at $2.5tn.

Microsoft briefly overtook Apple as the world's highest valued company in October, after Apple warned that supply chain issues had impacted its business during a Q4 earnings call. Around the same time, Microsoft said it was forecasting a strong end to the year due to a boost in office and cloud sales.