Propelled by a 1% increase in Apple Inc. shares on Monday (Dec. 13), the tech giant inched closer to reaching $3 trillion in market value, according to multiple reports.
Reaching the $3 trillion milestone would make Apple as large as the world’s fifth-largest economy behind Germany, PYMNTS reported last week. The company’s goal of reaching the $3 trillion threshold comes a little more than a year after Apple reached $2 trillion.
Related news: Apple Nearing $3T Market Capitalization
As of Monday afternoon, the company’s stock was trading at $181.12, about $2 short of hitting the $3 trillion mark.
The company’s stock price has soared about 30% in 2021 after an 80% increase in 2020. Apple reached the $1 trillion mark in 2018. In addition to Apple, Microsoft, Alphabet and Tesla have all reached the $1 trillion benchmark.
Apple handed over its position as the world’s most valuable company to Microsoft earlier this year, when CEO Tim Cook made comments about the company’s supply chain struggles and its challenges to obtain enough materials to make iPhones, iPads and other products, as PYMNTS reported.
As of last week, the company was millions of units behind on the production of its iPhone 13 and new iPads. Apple was also billions of dollars short on its revenue projections, stemming from the production shortfalls. At the beginning of the month, the company was expected to make about 83 million to 85 million iPhone 13 products by year’s end, a dramatic drop from the original 95 million target.
In September and October, iPhone 13 production fell 20% short of goals. Those delays slowed iPad production, which resulted in 50% less of those products made than previously anticipated. In addition, the production of iPhone 12 and iPhone SE slumped by about 25%, as PYMNTS reported.
See also: Supply Chain Hang-Ups Delaying Apple Product Deliveries
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