Apple reaches $1 trillion market cap again after iPhone launch
Apple reached a $1 trillion market cap on Wednesday, following its announcement Tuesday of a slew of new products, including the iPhone 11, CNBC reports.
Apple’s share price was up more than 2% at the close of trading on Wednesday, ending the day at $223.59.
It’s not the first time that Apple has had a market cap over $1 trillion. It first hit the mark in August 2018. But it fell under the symbolic benchmark after the stock price dropped during a stretch in December and January following disappointing iPhone sales in China. Apple has also bought back millions of its own shares, raising the stock price threshold needed for a $1 trillion market cap.
Apple isn’t the only $1 trillion technology company. Microsoft has a larger market cap than Apple at $1.04 trillion.
Apple held its annual iPhone launch event on Tuesday, revealing new iPhone, Apple Watch and iPad models, including a $50 price cut for the iPhone 11, the entry-level model.
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