Apple becomes world’s first $1 trillion company

03 August, 2018, 03:36 | Author: Sheri Evans
  • Apple becomes world’s first public company worth $1 trillion

In early morning trading on Thursday Apple's stock jumped 2.8 percent and sent the company over a magic hurdle as it became the world's first private-sector publicly traded company with a market value of $1 trillion.

By a year ago, its sales had grown more than 11-fold to US$229 billion - the fourth highest in the S&P 500 - and net income had mushroomed at twice that rate to US$48.4 billion, making it the most profitable publicly-listed U.S. company. The stock has risen more than 21% so far this year, its latest rally coming after it reported strong revenue and profit gains Tuesday as demand for high-price iPhones. The company is incorporated the following year.

At the time of writing, Apple has already retreated from the $1 trillion valuations, and the fate of the last company to reach $1 trillion may be an object lesson to investors.

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Naturally, the $1 trillion figure is constantly changing.

The iPhone maker's market value reached the figure in late morning trading in NY as its shares rose to a new record high above $207. Apple with its world-class range of products is already one of the most valuable companies in the world and the increase in its popularity is surging day by day.

In 2015, Apple joined the Dow Jones Industrial Average, one of capitalism's most exclusive clubs.

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A company's market cap is calculated by multiplying the number of shares outstanding by its stock's share price. On top of that, it has built a large and fast-growing business with the App Store, iTunes, Apple Music and other services, which pulled in $9.55 billion in sales in the most recent quarter.

The company's fortunes were turbocharged by the launch of personal gadgets such as the iPod in 2001 and the iPhone in 2007.

That wealth creation exceeds the current market value of every publicly traded US company except Amazon, Microsoft and Google's parent, Alphabet.

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