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Apple becomes the first company with a $1 trillion valuation

Apple becomes the first company with a $1 trillion valuation

Apple Inc (AAPL.O) on Thursday became the first $1 trillion publicly listed USA company, crowning a decade-long rise fueled by its ubiquitous iPhone that transformed it from a niche player in personal computers into a global powerhouse spanning entertainment and communications. Amazon is worth almost $900 billion while Google and Microsoft are each now worth more than $800 billion.

An electronic screen displays the Apple Inc. logo on the exterior of the Nasdaq Market Site following the close of the day's trading session in New York City, New York, U.S., August 2, 2018. State oil company PetroChina briefly broke the US$1 trillion barrier in 2007 during its initial public offering, but has since dropped back down. That would value Apple at $1.3 trillion.

Cook also credited Apple co-founder Steve Jobs for the company's turnaround. However, his net worth is tied to Apple stock in a less conspicuous way. While year-over-year iPhone sales increased by just 1% this past quarter, iPhone-based revenue jumped by a whopping 20%.

Coupled with a lately adjusted outstanding share figure of 4,829,926,000 shares, Apple achieved the trillion dollar milestone earlier than projected, cites CNBC.

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CEO Tim Cook Thursday mailed a memo to over 120,000 Apple staff members, referring the trillion dollar market capitalization as a historic milestone but cautioned them that the feat wasn't the "most important measure" of the company's success, according to Reuters. Apple's stock has climbed by 23 percent so far this year, compared to a 6 percent gain for the Standard & Poor's 500 index.

"Financial returns are simply the result of Apple's innovation, putting our products and customers first, and always staying true to our values", Cook said in the memo.

"Steve founded Apple on the belief that the power of human creativity can solve even the biggest challenges - and that the people who are insane enough to think they can change the world are the ones who do", Cook wrote.

Cook has put a focus on digital content and services, positioning Apple to make money from music, movies, apps, subscriptions and more - all sold to the vast "install base" of people using devices made by the company.


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