Apple becomes world’s first private sector company worth $1 trillion
03 August, 2018, 07:59
Apple CEO Tim Cook has a photo taken during an Apple event at the main store in Chicago.
Though Apple is not the first publicly traded company to exceed the $1 trillion dollar mark - PetroChina tipped over it nearly a decade ago - it is the first American company with the distinction, reaching the milestone ahead of competitors Alphabet, Microsoft, and Amazon. It became the first $900 billion company exactly nine months ago, on November 3, 2017. Stock buybacks reduce the number of shares a company has on the open market, driving up the price of the remaining shares.
On Tuesday, the firm reported second-quarter earnings that topped Wall Street expectations, and it sent shares surging by more than 5 percent on Wednesday, Business Insider reported.
A deepening trade dispute between the United States and China weighed on global stocks and bond yields on Thursday, but a rise in Apple shares took its valuation above a record $1-trillion and helped lift major US indexes into positive territory.
Jobs eventually shepherded a decade-long succession of iconic products such as iPhone that transformed Apple from a technological boutique to a cultural phenomenon and moneymaking machine.
Shares hit $207.05 midday Thursday to crack the historic milestone.
As for what Jobs would say of Apple's valuation, Munster says, "he'd be very proud of what he had helped build".
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Launched on a shoestring budget in a Silicon Valley garage more than four decades ago, Apple survived a near-miss with bankruptcy before soaring to a trillion-dollar market value on Thursday. There's no fundamental difference between Apple being worth $999 billion and $1.01 trillion.
Hot on Apple's heels is Amazon.com, the second-largest listed USA company by market value, at around $880 billion, closely followed by Google-owner Alphabet and by Microsoft.
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.
Jobs remained mercurial when he returned to Apple, but he had also become more thoughtful and adept at spotting talent that would help him create a revolutionary innovation factory.
The chart below shows the value over time of a $1,000 investment in Apple made at its December 12, 1980 closing price.
What makes it impressive is that Apple buys back a lot of its stock.
While other tech stocks have struggled, Apple has soared ahead.
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