Published: Fri, August 03, 2018
Economy | By Shawn Conner

Apple is first public company worth $1 trillion

Apple is first public company worth $1 trillion

Apple CEO Tim Cook has a photo taken during an Apple event at the main store in Chicago.

Apple is the first USA company to hit the $1T milestone; here's why AAPL shares can climb even higher. It became the first $900 billion company exactly nine months ago, on November 3, 2017.

The iPhone maker achieved that big number on Thursday when the stock passed $207.04 a share.

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The price escalation has widened Apple's profit margins to the delight of investors, who have boosted the company's market value by about $83 billion - almost equal to the entire market value of American Express - since the quarterly report came out late Tuesday.

Investors gave Apple the lift over $1 trillion after its second-quarter earnings on Tuesday beat Wall Street's expectations, sending the stock up to the magic price of $207.05. The rise of Apple was brought forth by Steve Jobs' innovative products in the iPod, iPhone, and others, revolutionizing the way we view technology today. The price gave the stock a market value of $1,001,678,000,000 - or $1.002 trillion rounded up.

"I left Apple twice", Kawasaki said with more chuckle than notes of regret. Saudi officials have said the IPO would value Saudi Aramco, as the company is often called, at about $2 trillion. However, the share price quickly fell back, leaving the company worth just $962 billion at the time of writing. "Our business performed extremely well during the March quarter, as we grew earnings per share by 30 percent and generated over $15 billion in operating cash flow", said Maestri in the firm's statement.

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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.

With a "market cap" of $884.01 billion, Amazon is Apple's closest rival; Google parent Alphabet trails Bezos' technology and retail giant with a market cap of $854.86 billion.

By 1997, the company had fallen on hard times and shares were worth just a few dollars. Apple announced $100 billion in stock buybacks on May 1, the largest repurchase ever by a USA public company.

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Still, even if it's only a temporary achievement, it's an achievement nonetheless, especially given the fact that other tech companies have seen their values stagnate or outright fall recently.

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