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Apple becomes first U.S. company worth $1 trillion

05 August 2018
Apple becomes first U.S. company worth $1 trillion

(AAPL) on Thursday became the first US public company to reach $1 trillion market valuation, but Chief Executive Officer Tim Cook said it was "not the most important measure" of the company's success.

Along with strong iPhone sales, Cook credited Apple's continued success on its healthy services business and robust "wearable" sales.

Apple was founded in the late 1970s by Steve Jobs and went public in 1980 after helping usher in the era of the personal computer.

After the death of master pitchman Jobs, analysts and other industry watchers wondered whether the company would lose its ability to create buzz for "the next big thing".

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

Apple is the first private sector company to reach this level. Apple was then on a path to overtake Exxon Mobil in 2011 as the largest USA company by market value. Despite a decent earnings report, though, Amazon ended up a few millions short and stabilized near $900 billion for most of the past week.

A trillion dollars is roughly the annual gross domestic product of Indonesia, and more than twice that of Belgium, according to World Bank data from 2016.

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.

During the session, Apple's stock market value reached as much as $US1.006 trillion.

"There's no real excitement on the trading desk", said Karl Haeling of LBBW. Those equities were set up to be paid out over the term of 10 years, provided that Apple's stock growth consistently exceeds the S&P 500 index. "In today's world, our mission is more important than ever", Cook said.

Apple has sold more than a billion iPhones since the first model was unveiled by Jobs in 2007. The views expressed therein are not necessarily those of stlucianewsonline.com, its sponsors or advertisers. This media house does not correct any spelling or grammatical error within press releases and commentaries.