Technology goliath Apple has become the first US-based company to be valued at $2 trillion.
As reported by the BBC, the impressive feat has been hit two years after the company became worth $1 trillion, and was the first to do so worldwide. Earlier this week, Apple's shares became worth $467.77, enough of an increase to push the iOS creator over the threshold. The rise itself was dubbed "an impressive feat within a short period of time," by PP Foresight tech analyst Paolo Pescatore.
However, it is not the first firm to reach such a milestone. Saudi Aramco, an oil company, hit $2 trillion in December 2019, though that number has declined to $1.8 trillion, effectively making Apple the most profitable trading company in the world. In the US, Amazon comes in at No.2 with a company value of $1.7 trillion, while Microsoft is just behind at $1.6 trillion.
Despite the damage caused by the coronavirus pandemic, Apple has continued to grow as its share prices have increased by 50 per cent year-over-year.
"The last few months have underlined the importance of users and households alike to own better quality devices, connections and services and with Apple's strong, broad portfolio of devices and a growing services offering, there are plentiful opportunities for future growth," said Pescatore.
"All eyes are now on the eagerly anticipated 5G iPhone, which will fuel further consumer demand."
Currently, Apple is embroiled in a feud with another giant company, Epic Games. The Fortnite creator made a new payment option for its mobile players, effectively cutting out Apple and preventing it from taking its 30 per cent commission. As a result, the tech behemoth removed the game from its App Store, a move that has caused Epic Games to file a lawsuit.