Apple’s share price continued its swift rise on the first day of trading in 2022, with it becoming the first publicly traded company in the world to be valued at $3 trillion.

After briefly hitting the milestone in afternoon trading, the company’s market capitalisation ended the day at about $2.9 trillion as its share price dipped.

The iPhone maker’s share price tripled since end-2017, surpassing the $2 trillion mark in 2020. It was the world’s first $1 trillion company in August 2018.

Apple’s market value has grown by almost $2.7 trillion in a decade under Tim Cook’s leadership, after he succeeded late company founder Steve Jobs. Apple’s stock price has increased about 500 per cent over the past five years alone, outperforming the S&P 500, which had gained about 105 per cent over the same period.

In fiscal Q4 2021 (25 June to 25 September), iPhone sales rose 47 per cent to $38.9 billion, with total company net income soaring 62 per cent year-on-year to $20.5 billion.