Apple becomes first firm to hit $3tn market value

US technology giant Apple has become the first company to hit a stock market valuation of 3 trillion US Dollar.

The firm's share price has risen by around 5_800% since co-founder and former chief executive Steve Jobs unveiled the first iPhone in 2007.

However_ its value slipped a little from that milestone_ to end Monday's trading session in New York at $2.99tn.

Apple has been one of the big winners of the pandemic_ as coronavirus lockdowns saw spending on gadgets jump.

"Hitting $3 trillion is another historical moment for Apple as the company continues to prove the doubters wrong_" Dan Ives_ an analyst from Wedbush said.

It took just over 16 months for Apple's stock market valuation to rise from $2tn to $3tn_ as the world's biggest technology companies saw demand soar as people became more reliant on smartphones_ tablets and laptops during lockdowns.

The company became the first company to hit a stock market valuation of $1tn in August 2018.

The iPhone typically accounts for around half of the company's sales_ while it is also well-known for its iPad tablets and Mac computers.

Increasingly important parts of the business are software_ sold through the Apple store_ storage space via the iCloud and services such as its music_ television and fitness subscription platforms.

"The linchpin to Apple's valuation re-rating remains its Services business which we believe is worth $1.5 trillion_" Mr Ives said.

In August_ Apple's chief executive Tim Cook received more than five million shares in the firm_ as he marked ten years in the job.

A company filing with the US Securities and Exchange Commission showed that he sold most of the shares for more than $750m.

It was part of a deal he struck when he took over from co-founder Steve Jobs.

The award was dependent upon on how well Apple's shares had performed compared to other firms on the S&P 500 stock index.

Cupertino_ California-based Apple was founded in 1976 by Steve Jobs and his business partners Steve Wozniak and Ronald Wayne.

The company made its stock market debut in 1980 with a market valuation of $1.8bn.

In November_ the original Apple computer built by Mr Wozniak and Mr Jobs fetched $400_000 at auction in the US.