Powered by a 1% increase in shares of Apple Inc. on Monday, December 13, the tech giant moved closer to a market value of $ 3 trillion, according to multiple reports.
Reaching the $ 3 trillion mark would make Apple the world’s fifth-largest economy behind Germany, PYMNTS reported last week. The company’s goal of reaching the $ 3 trillion mark comes just over a year after Apple hit $ 2 trillion.
Related News: Apple Approaches $ 3M Market Cap
As of Monday afternoon, the company’s shares were trading at $ 181.12, or about $ 2, before hitting the $ 3 trillion mark.
The company’s share price climbed about 30% in 2021 after rising 80% in 2020. Apple hit the $ 1,000 billion mark in 2018. Besides Apple, Microsoft, Alphabet and Tesla have all hit the $ 1 trillion mark.
Apple ceded its position of the world’s most valuable company to Microsoft earlier this year, when CEO Tim Cook commented on the difficulties in the company’s supply chain and its challenges in obtaining enough materials. to make iPhones, iPads and other products, as PYMNTS reported.
As of last week, the company was millions of units behind in production on its iPhone 13 and new iPads. Apple was also missing billions of dollars from its revenue forecast, due to production shortfalls. At the start of the month, the company was expected to manufacture around 83 million to 85 million iPhone 13 products by the end of the year, a dramatic drop from the original target of 95 million.
In September and October, production of the iPhone 13 fell 20% from target. These delays have slowed production of iPads, resulting in a 50% reduction in these products from what was previously expected. In addition, the production of iPhone 12 and iPhone SE fell by around 25%, as reported by PYMNTS.
See also: Supply Chain Issues Delaying Apple Product Deliveries