Apple briefly tops US$2 trillion in market value
REUTERS: Apple Inc became the first publicly listed U.S. company with a US$2 trillion stock market value on Wednesday, as Wall Street investors put aside challenges to its iPhone ecosystem in favor of bets it will only prosper more in the post-coronavirus world.
Shares in the company have surged since blowout quarterly results in July that saw the iPhone maker eclipse Saudi Aramco as the world's most valuable listed company, up about 57per cent in value so far in 2020.The moves reflect growing investor confidence in Apple's shift towards relying less on sales of iPhones and other gadgets and more on services for its users, as well as a broad shift by big institutional investors during the coronavirus crisis.
With Amazon , Microsoft and Google-owner Alphabet , all now worth around US$1 trillion or more, the big U.S. tech companies are together worth more than US$6 trillion. Cupertino, California-based Apple surprised Wall Street as it was able to get loyal shoppers buy iPhones, iPads and Macs online even as several brick-and-mortar stores remained closed due to the coronavirus lockdowns.
Apple's revenue grew across every category and all of its geographical regions in the June quarter, even as the coronavirus crisis caused the U.S. economy to collapse at its worst rate since the Great Depression.Started in the garage of co-founder Steve Jobs in 1976, Apple has pushed its revenue beyond the economic outputs of Portugal, Peru and other countries.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tech fuelled 'everything's awesome' rally looks unstoppableToday's US$72 trillion question for investors: To buy or not to buy into the global equities rally? Notwithstanding inflated share prices, ...
Read more »
Asia: Markets struggle as traders await crucial US stimulus[HONG KONG] Asian stocks drifted on Tuesday with traders struggling to build on the previous day's broad advance and record lead from Wall Street, with confidence kept in check by ongoing China-US tensions and lack of movement on a new US stimulus. Read more at The Business Times.
Read more »
Robinhood valuation surges to US$11.2 billion after latest funding roundRobinhood Markets Inc, the fintech startup credited with helping popularize trading among millennials, said on Monday it has raised US$200 million ...
Read more »
Singapore shares open flat even as Wall Street hits highs; STI down 0.01%SINGAPORE stocks barely moved on Wednesday morning, despite US markets climbing to record closes overnight. Read more at The Business Times.
Read more »
Beijing sends its top diplomat to Singapore and South Korea amid US tensionsChina’s top diplomat will visit Singapore and South Korea later this week as Beijing seeks to strengthen ties with its Asian neighbours amid an intensifying geopolitical rivalry with Washington.Yang Jiechi, a leading architect of China’s foreign policy, will visit Busan starting on Friday and will hold
Read more »
Typhoon Higos shuts down Hong Kong, halts stock tradingHONG KONG (BLOOMBERG) - Hong Kong was hit by its strongest typhoon this year, cancelling morning trading in the city's $5.8 trillion (S$7.9 trillion) local stock market, shutting many businesses and disrupting public transportation.. Read more at straitstimes.com.
Read more »