Friday, 19 October, 2018

Apple becomes first-ever company valued at $1 trillion

Why Apple is inches away from $1 trillion valuation Why Apple is inches away from $1 trillion valuation
Jodi Jackson | 02 August, 2018, 20:11

A lower share count means Apple's stock must reach a higher price to reach a $1 trillion market capitalization.

Apple Inc updated its latest share count on Wednesday, putting the magic stock price at $207.04 that would make the iPhone maker the first publicly listed US company valued at $1 trillion. Along the way, it has changed how consumers connect with one another and how businesses conduct daily commerce.

One of three founders, Jobs was driven out of Apple in the mid-1980s, only to return a decade later and rescue the computer company from near bankruptcy.

The company's fortunes were turbocharged by the launch of personal gadgets such as the iPod in 2001 and the iPhone in 2007. Apple is the first United States company to reach that lofty level.

"Apple's $1 trillion cap is equal to about 5 percent of the total gross domestic product of the United States in 2018", said David Kass, professor of finance at the University of Maryland. While year-over-year iPhone sales increased by just 1% this past quarter, iPhone-based revenue jumped by a whopping 20%.

Apple Chief Executive Tim Cook has a trillion reasons to smile. By a year ago, its sales had grown more than 11-fold to $229 billion - the fourth highest in the S&P 500 - and net income had mushroomed at twice that rate to $48.4 billion, making it the most profitable publicly listed U.S. company.

The beloved tech giant is now officially the first trillion-dollar company, beating Amazon to the historic milestone.

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