Apple becomes first USA trillion dollar company

Gladys Abbott
August 3, 2018

Apple on Thursday become the first U.S. company worth more than $1 trillion on a public stock market.

Apple hit the $1 trillion mark when its shares reached $207.04 around midday in NY.

After Apple's best June quarter ever, the company also projected a very successful Q4 in terms of earnings.

But who owns Apple now, and have they been there since the start? Along the way, it has changed how consumers connect with one another and how businesses conduct daily commerce. Its stock market value is more than Exxon Mobil, Procter & Gamble and AT&T combined. It now accounts for 4 percent of the S&P 500.

The Silicon Valley firm's stock has surged more than 50,000% since its 1980 initial public offering, dwarfing the S&P 500's approximately 2,000% increase during the same nearly four decades.

For one thing, the marketing guru behind the success of the Macintosh computer wishes he hadn't turned down an offer from founder Steve Jobs to return to Apple. Some market observers consider USA tech stocks to be overvalued, but few think we're in a bubble.

During that time, Apple evolved from selling Mac personal computers to becoming an architect of the mobile revolution with a cult-like following.

More news: England reach lunch with Cook the only casualty

The landmark is the latest victory for Apple chief executive Tim Cook, who faced skepticism when he took reins of the iconic technology giant in 2011.

iPhone sales grew by 1 percent, but Apple's revenue increased by 20 percent, with Apple reporting an annual revenue of $53.3 billion. Other firms such as Amazon, Google's Alphabet and Microsoft have also experienced record highs this year. Since then 18 different iPhones have been launched and more than 1.2bn of the devices have been sold.

Although many have doubted Apple's staying power over the years, unlike many hardware makers the company has ridden the elegance and functionality of its devices. Microsoft helps Apple survive with a $150 million investment.

In recent years, the financial world considered Amazon and Apple to be in race toward the milestone. "The question now is not [whether we] can we turn around Apple", he said in an early internal meeting.

The company was founded by Steve Jobs, Steve Wozniak, and Ronald Wayne in April 1976, and went public in 1980.

In the firm's posted financial results for the fiscal 2018 third quarter, Apple revealed a 17% increased quarterly revenue from a year ago of $53.3 billion and 40% higher quarterly earnings per diluted share of $2.34. There's no fundamental difference between Apple being worth $999 billion and $1.01 trillion.

But think for a moment about how Apple got so big.

Other reports by LeisureTravelAid

Discuss This Article

FOLLOW OUR NEWSPAPER