Wednesday, 19 December, 2018

Apple is the first $1 trillion company in history

Apple is the first $1 trillion company in history Apple becomes world’s first private sector company worth $1 trillion
Kelvin Reese | 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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Tesla also said it's working on a new version of its Autopilot semi-autonomous software that will have greater safety features. Tesla reported sales of $4 billion, topping analyst estimates, and an adjusted loss of $3.06 a share, which missed them.

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The "prime minister also reiterated his vision of peace and development in the entire neighbourhood", it added. Eight rival parties rejected the results claiming massed rigging, but said they will take opposition seats.

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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