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

Apple reaches $1,000,000,000,000 value

Apple reaches $1,000,000,000,000 value

Apple - the culture-changing company behind the iPod, iPhone and iPad - hit another milestone on Thursday, becoming the first private-sector company to surpass $1 trillion in market value.

The record-breaking performance apparently prompted a memo from Apple CEO Tim Cook, which Buzzfeed News was able to get its hands on just hours after he sent it out to his employees.

Since the iPhone first went public in 2007, Apple shares have grown 1,100 percent. "I still view Apple as a pretty small company, the way that we operate". I think the best way to look at this market is that there will soon be only two major players, Amazon and Microsoft, and then a bunch of smaller players.

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Amazon is in second place at $866bn, followed by Alphabet, the parent company of Google, at $843bn.

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.

Apple was worth about $350 billion when Jobs died, so Cook has led the creation of even more stock-market value than his former boss and mentor.

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Apple has successfully reached a market capitalization of $1 trillion following this week's earnings release. It now accounts for 4 percent of the S&P 500. Speaking of which, Microsoft's Dot Com-era boom-time high would be worth about $930 billion today. The company's various services such as Apple Music, iCloud and Apple Pay now represent $9.6 billion in revenue.

Institutional shareholders including The Vanguard Group and Blackrock own 15.93% of the company's outstanding shares. Therefore, Apple still needs to grow further in a bid to become the world's most valuable company in history.

Apple has boasted steadily rising revenues for many years, 2016 being the notable exception, and experts are already anticipating big increases in the company's value.

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Adjusting for four stock splits over the years, Apple debuted on the stock market for the equivalent of 39 cents a share on December 12, 1980, compared with Thursday's high of $208.38.

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