A Global Pandemic Can't Stop Them - Apple Blaze New Ground For US Companies
For those of you who don't quite know the history of Apple, you will be forgiven for thinking that being the first US company to achieve a $2 trillion valuation was always on the cards - given the quality of their products and their, sometimes eye watering, prices.
However, the landmark valuation which they achieved on Wednesday 19th August, is a far cry from the 90s which saw them at their lowest point in their relatively short history. It was at this time where things looked bleak for the iMac producer as Microsoft dominated the industry. Many feared that the company would be consigned to the dustbin of history if they didn't reinvent themselves...and do it quickly.
Steve Jobs, who founded the company in 1976, was famously sacked before returning in 1997 to save the sinking ship. Jobs made a remarkable turnaround of the tech giant's fortunes and although he is not alive to see yesterday's historic landmark (he died back in 2011) the $2 trillion valuation today is very much a symbol of his success.
It was during mid-morning trading on Wednesday that the share price hit $467.77 to push the company over the $2tn milestone making the silicon valley behemoth the highest valued enterprise in the world.
The share price has seen a remarkable surge in recent months as it has doubled since March this year, after fears over the impact of the Coronavirus pandemic hit the markets.
It hasn't sat right with many people that in the middle of a worldwide health crisis, tech companies valuations have exploded. Many feel that companies like Apple and Amazon have exploited the situation in order drive more revenue and profits to their shareholders.
However, it is during these desperate times that we have seen first hand the huge benefit the technology sector has brought, allowing millions to work remotely. They have demonstrated how much of our economy and day to day businesses are dependant on the innovation that the silicon valley companies provide.
It is in these months of worldwide lockdown that sales have skyrocketed, increasing by 50% despite the fact that their stores were unable to operate. With Governments advising employees to work from home if possible, many have opted to improve their home office spaces with high quality equipment and Apple have been more than ready to capitalise on this opportunity.
Whilst these are not typical growth rates of international conglomerates, these are evidently not typical times. Amazon, Microsoft and Google's share prices have all benefited over the recent months also giving them trillion dollar valuations and technology communication company Zoom has famously seen its market valuation triple in just this year alone.
However, it is Apple that remains the top dog and still leads the way in providing quality products to its consumers - when they need it the most.
CEO Tim Cook looks like he knows how he is going to celebrate it too.