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Apple hits $1,000,000,000,000

02 August, 2018, 20:40 | Author: Lawrence Cooper
  • Apple becomes world's first trillion dollar company

Apple became the first US$1 trillion (S$1.3 trillion) publicly listed U.S. company on Thursday (Aug 2), crowning a decade-long rise fuelled by its ubiquitous iPhone that transformed it from a niche player in personal computers into a global powerhouse spanning entertainment and communications.

He launched the iPhone in 2007, dropping "Computer" from Apple's name and super-charging the cellphone industry, catching Microsoft Corp (MSFT.O), Intel Corp (INTC.O), Samsung Electronics (005930.KS) and Nokia off guard.

The peak reached Thursday seemed unimaginable in 1997 when Apple teetered on the edge of bankruptcy, with its stock trading for less than $1.

Other technology companies with high-flying, trendy stocks are expected to join Apple in the $1 trillion club before long. The company's Chief Executive Officer Tim Cook, in a call with investors, touted the company's growth in sectors such as smart home products, wearables and services such as the App Store and Apple Pay, National Public Radio reported.

Apple shares rose over three percent on a strong earnings report published earlier this week.

Apple becomes world's first trillion dollar company
Apple Becomes The World's First $1 Trillion Company

The stock was last up 2.4 per cent at US$206.41, a hair below US$1 trillion.

The iPhone-maker entered the rarefied air of a 13-digit market cap as its share price hit $207.05.

Apple's stock has risen more than 50,000% since it first listed in 1980.

As Bloomberg pointed out, the number of shares outstanding has been falling about 1.3% per quarter as Apple buys back its shares.

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

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