Published: Mon, August 06, 2018
Economy | By Shawn Conner

Apple is the first United States company worth $1 trillion (AAPL)

Apple is the first United States company worth $1 trillion (AAPL)

In a memo to employees obtained by Reuters, Tim Cook, Apple's chief executive, praised his team for the milestone, but reminded them it was not the most important measure of the company's success.

But Cook has gradually won accolades from investors by pumping out a series of solid financial results and further spreading Apple's products to China and other foreign markets.

Apple is the first publicly-owned company to reach a $1 trillion market capitalization.

He took over after the death of founder Steve Jobs, who was identified with launching many of Apple's most iconic products, including the iPhone smartphone and the iPad tablet. Amazon had the second-largest United States market cap as of Wednesday, at roughly $872.5 billion. In 2006, the year before the iPhone launch, Apple generated less than $20 billion in sales and net profit just shy of $2 billion. "We still see upside from it, and as new money gets deposited we continue to buy, preferably on the dip", Carbone said.

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Wall Street's optimism about last year's 10th anniversary iPhone, coupled with record share buybacks, have propelled Apple's stock 34 percent higher over the past 12 months, pushing the company's stock market value above $1 trillion on Thursday. Apple said it now has 4.83 billion shares outstanding.

Now, the non-hardware services category is fueling Apple's continued growth.

Watch Apple trade in real time here.

After initially offering its stock at $22 per share on December 12, 1980, Apple closed around $29 a share, or about $0.02 after adjusting for stock splits and dividends, according to data from Yahoo Finance.

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That price translates to a $1 trillion market cap, based on the current estimated number of outstanding shares. Since 1980, IBM Corp, Exxon Mobil, General Electric Co and Microsoft have also alternated as the largest publicly listed US company.

The boost is largely attributed to the USA firm's stronger-than-expected second quarter earnings report.

PetroChina briefly crossed it in November 2007, but for less than a day. One of five US companies since the 1980s to take a turn as Wall Street's largest company by market capitalization, Apple could lose its lead to the likes of Alphabet Inc or Inc if it does not find a major new product or service as global demand for smartphones loses steam.

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