Monday, 24 September, 2018


Apple's Market Cap Hits $1 Trillion

Tim Cook Masters of the Universe Apple First Company Worth $1 Trillion The Associated Press 2 Aug 2018
Conrad Doyle | 04 August, 2018, 14:15

Apple became the first company to ever reach a $1 trillion market cap on Wednesday as its share price soared to $207.39.

This achievement is the evidence of Apple's long-standing dominance in the industry.

This explosive growth has led to a sizable increase in Apple's stock price, boosting the tech giant's market cap to an incredible $1 trillion.

Apple sold 43.1m iPhones in the June quarter, as customers flocked to its more expensive models like the iPhone X. "The five-year chart for all three companies show pretty steady upward climbs, but Alphabet's gains only tally 116 per cent versus almost 500 per cent for Amazon and 220 per cent for Apple", Robert Martin of InvestorPlace Media wrote. The first trillion-dollar company in the world was Petrochina, albeit briefly, when it first floated back in 2007 (and before it lost $800 billion in value over the next decade.) For comparison's sake, Amazon is worth $877 billion, Alphabet $851 billion and Microsoft $822 billion.

Apple said it expects revenue of $60 billion to $62 billion for the fiscal fourth quarter that ends in September 30.

Other companies have come close to the mark, but no public U.S. company has hit a $1 trillion valuation.

Last month, an ex-Apple engineer was charged in California with stealing trade secrets from a hush-hush self-driving vehicle technology project days before he quit to go to a Chinese start-up.

Apple is the first private sector company to reach this level. This is not the end, that they hit $1 trillion. It also announced that it had used some of its huge pile of cash to buy back shares worth billions.

Consider the plight of Exxon Mobil, which was the most valuable USA company five years ago.

Apple chief executive Tim Cook has remained firmly bullish, touting the company's product pipeline and championing good sales of the iPhone X, a recently unveiled model whose $1,000 price tag analysts anxious would be excessive.

On Tuesday, the company said Apple Services, which includes things like the App Store and Apple Music, saw a 31% jump in revenue. With the company pretty much taking over the world with the iPod and several subsequent revolutionary products, it's no surprise that they have just become the first publically-traded company to be valued at over $1 trillion.

Wall Street thinks Apple could go even higher. That wealth creation exceeds the current market value of every publicly traded USA company except Amazon, Microsoft and Google's parent, Alphabet.

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