Apple’s Market Value Hits $3 Trillion Again—and Stays There

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The Cupertino tech leader has achieved a similar feat before. On January 3, 2022, Apple briefly reached the $3 trillion mark during intraday trading, but it didn’t close there due to shares suffering a 27 percent drop amid a tech slowdown that sparked a pull back in the industry’s stocks, according to. Apple’s shares, however, came roaring back this year as Wall Street has once again turned to big tech.

While the company has seen two back-to-back quarters of revenue decline, its services segment—which includes the App Store and its subscription services such as Apple Music, Apple TV+ and iCloud—have made it economically resilient, experts say. For the 2024 fiscal year, the company is on pace to land $100 billion in annual services revenue in what Wedbush Securities analyst Dan Ives called a “jaw-dropping trajectory.

Apple is part of a small list of large tech firms that have not conducted mass layoffs this year. That may be due to its more conservative hiring as other companies aggressively upped their numbers during the pandemic,reported. Its headcount expanded only 20 percent from 2020 to 2022, while Alphabet saw a 60 percent increase and Amazon nearly doubled its staff. Both of those companies later announced layoffs of about 30,000 combined.

“This signals a better quality of management at Apple compared to other technology companies that clearly read the signals during the pandemic the wrong way,” Peter Garnry, head of equity strategy at Saxo Bank, toldis set to be released next year, offering users an augmented reality experience. Whether consumers adopt the device, priced at $3,499, remains to be seen.

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