Apple has become the most expensive tech giant

Tech giant Apple has broken into the first position in terms of capitalization with an estimate of $2 trillion. At 18:07 Moscow time, its market valuation on the Nasdaq stock exchange reached $2,000,291,232,390. The price of one security was $468.04, which is 1.27% more expensive than at the close of trading on August 18.

The company’s market valuation has doubled over the past two years. In early August 2018, the corporation’s value reached $1 trillion for the first time. Since then, Wall Street analysts have been confident that the company will be the first among tech giants to surpass the $2 trillion milestone.

At the end of July, Apple reported record revenue for the quarter. The indicator reached $59.7 billion, which is 11% more than in the second quarter of last year. The company’s net profit amounted to $16.3 billion. CEO of the corporation Tim Cook said that such indicators of the company are provided by the growth of sales in the field of products and services. International sales accounted for about 60% of Apple’s quarterly revenue.

At the same time, the company announced a split of shares into four parts. Based on this, each owner of Apple shares at the close of trading on August 24 will receive three additional shares. The total cost of the package will remain the same. The trading update is scheduled for August 31st. Such a maneuver will make securities more accessible to retail investors. Since the announcement of the split, the stock has risen 12%.