Apple becomes 1st US company to hit $2tn in market value

NEW YORK: Apple on Wednesday became the first US company to reach $2 trillion in market value in the latest demonstration of how tech giants have benefited from the upheaval of the coronavirus.

The iPhone maker attained the distinction in mid-morning trading and was up 1.0 percent at $467.02 near 1520 GMT.

The company had previously become the first giant to hit $1 trillion in market value in March 2018.

Apple is followed by other technology companies, including Amazon, Microsoft and Google parent Alphabet, all of which now have more than $1 trillion in market value.

Shares in Apple have roughly doubled from March lows, an astonishing performance which has lifted chief executive Tim Cook's net worth to $1 billion for the first time, according to a Bloomberg Billionaires Index calculation.

Even as other large tech firms have shot higher on robust demand during lockdowns, Apple has outpaced its rivals by delivering strong sales of gadgetry including wearables and tablets, along with new apps and services which have gained ground during the global health crisis.

In the past quarter ending in June, Apple reported profits climbed eight percent to $11.2 billion and revenues jumped 11 percent to $59.7 billion.

Apple's rise comes amid a broader rally in technology shares as employees around the country shift to working at home amid the coronavirus pandemic and social distancing protocols.

The tech-rich Nasdaq has hit records more than 30 times in 2020, including on Tuesday.