Home Technology Apple attains $800 billion market cap the first time

Apple attains $800 billion market cap the first time

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Apple scores $800 billion in the U.S. market capitalization early this week making it the first American company to attain such thresholds in the country. The company crossed the mark after spending more than two years when it made $700 billion entry.

Based on the reports from Fortune, Apple closed a market worth of $797.8 billion this week making the company the most powerful and dominant franchise in the whole country. Even with a limited range of products, Apple has continued to lead the industry by retaining big profit margins despite the prevailing stiff competition from its rivals in the marketplace.

The projected statistics show that if Apple progresses steadily, the company would soon attain the $1 trillion thresholds by the end of the year. The previously closed market limit of $802.8 billion was the greatest in the history as Warren Buffett disclosed that he has a stake of about $20 billion in Apple and he will continue monitoring the firm and its competitors.

Based on the industry analysts latest news on iPhone 8, the continuous modernization of products, and repatriation of overseas cash could also influence the excellent performance of the company’s market shares. Other top companies in the industry include the Alphabet, the Google’s parent company, which takes the second position after Apple with a ceiling of $653 billion, followed by the third company, Microsoft with $532 billion market cap.

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Apple attained a sales volume of 50.8 million iPhones in the first quarter of the year, which was down with 1% on the year-on-year analysis. The plunge in the sales was however counterbalanced by the other products and service offerings including App Store, Apple Pay and iCloud that record achieved 18% increases in sales up to $7 billion.

Furthermore, due to the vigorous sales performance of the company’s iPhone 7 Plus, the firms’ revenues on iPhones alone increased 1% in $33.2 billion. The company is likely to continue growing its path as many consumers become loyal to its products and service offerings.

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SOURCEApple News
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An entrepreneur by birth, blogger by choice, and geek by heart. He founded Sprouts Media, a blogs/websites network company, currently owns over 10 popular web properties, to cater his passion of journalism and entrepreneurship. He is also known as an avid reader, technology enthusiast, explorer, and a broken lover. His passion for knowledge keeps him running all the time. A pure vegetarian, who believes in reincarnation & law of karma and follows the philosophy of “Live and let others Live” because all living beings have equal right on the resources of this planet. He loves to write about Technology and Social Issues on his blogs. He can be reached at nitin [at] sprouts.media.