Apple's market cap inches close to $2 trillion on reports to launch bundle services
Apple is set to launch bundled services for the subscription of news, music, games and fitness services at a discounted price to its subscribers by October 2020
- Aug 15, 2020,
- Updated Aug 15, 2020 5:40 PM IST
Apple Inc stock has moved close to a $2 trillion market cap, a milestone that has been achieved only by Saudi Aramco, Saudi Arabia's state-owned oil company. Shares of Apple Inc saw strong rally this year as consumers snapped up new iPhones, iPads and Mac computers to stay connected during the coronavirus-induced lockdown. Last week, the stock rally was fueled by report that the company is readying a series of new subscription bundles for its digital service called "Apple One".
On Friday, Apple Inc shares closed trade at $459.63 apiece, down 0.09 per cent, with a market cap of $1.97 trillion. As per market estimates, to reach the psychological level of $2 trillion, Apple Inc stock price need to reach $467.8.
Apple was the first company to reach a market value of more than $1 trillion. It touched that milestone in August 2018, while it passed the $1.5 trillion market cap mark in early June. It was followed by Microsoft, Amazon.com and Google-parent Alphabet who later joined the trillion-dollar club.
Apple is set to launch bundled services for the subscription of news, music, games and fitness services at a discounted price to its subscribers by October 2020, according to a Bloomberg report. As per the report, the technology giant may be readying a new exercise app that would compete with Peloton (PTON), which would help the company generate more recurring revenue.
Apple reported revenue of $59.7 billion and profit of $11.25 billion during the third fiscal quarter of 2020, despite the ongoing COVID-19 pandemic. This was against $53.8 billion in revenue and $10.04 billion profit reported in the same quarter last year. The company, however, did not provide any guidance amid the economic uncertainty caused by the pandemic.
Apple Inc stock has moved close to a $2 trillion market cap, a milestone that has been achieved only by Saudi Aramco, Saudi Arabia's state-owned oil company. Shares of Apple Inc saw strong rally this year as consumers snapped up new iPhones, iPads and Mac computers to stay connected during the coronavirus-induced lockdown. Last week, the stock rally was fueled by report that the company is readying a series of new subscription bundles for its digital service called "Apple One".
On Friday, Apple Inc shares closed trade at $459.63 apiece, down 0.09 per cent, with a market cap of $1.97 trillion. As per market estimates, to reach the psychological level of $2 trillion, Apple Inc stock price need to reach $467.8.
Apple was the first company to reach a market value of more than $1 trillion. It touched that milestone in August 2018, while it passed the $1.5 trillion market cap mark in early June. It was followed by Microsoft, Amazon.com and Google-parent Alphabet who later joined the trillion-dollar club.
Apple is set to launch bundled services for the subscription of news, music, games and fitness services at a discounted price to its subscribers by October 2020, according to a Bloomberg report. As per the report, the technology giant may be readying a new exercise app that would compete with Peloton (PTON), which would help the company generate more recurring revenue.
Apple reported revenue of $59.7 billion and profit of $11.25 billion during the third fiscal quarter of 2020, despite the ongoing COVID-19 pandemic. This was against $53.8 billion in revenue and $10.04 billion profit reported in the same quarter last year. The company, however, did not provide any guidance amid the economic uncertainty caused by the pandemic.