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LOOK BACK: Apple's road to a $1 trillion enterprise

03 August, 2018, 08:01 | Author: Lawrence Cooper
  • Apple Stock Buyback Tops $20B In Second Quarter

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

The tech titan on Thursday became the first company in the world to reach a $1 trillion valuation.

The tech company's stock jumped 2.8% to as high as $207.05, bringing its gain to about 9% since Tuesday when it reported June-quarter results above expectations and said it bought back $20 billion of its own shares.

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.

Meanwhile, Amazon had the second-largest US market cap as of Wednesday, which was around $872.5 billion, according to Business Insider.

FILE - In this April 24, 1984, file photo, Steve Jobs, left, chairman of Apple Computers, John Sculley, center, president and CEO, and Steve Wozniak, co-founder of Apple, unveil the new Apple IIc computer in San Francisco.

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The market cap is the company's total market value, calculated by multiplying the value of its stock times all shares outstanding.

"Our strong business performance drove revenue growth in each of our geographic segments, net income of $11.5 billion, and operating cash flow of $14.5 billion", said Luca Maestri, Apple's CFO. And as long as these companies continue to generate long-term earnings growth - as virtually every analyst expects - their share prices will continue to rise over the long haul.

"Apple's growing share of the high-end smartphone market positions the company with a strong, loyal customer base that could enable Apple to maintain the high levels of annual iPhone sales despite the higher (selling prices) for the iPhone X", Walkley says.

This makes Apple worth more than the economies of countries such as Saudi Arabia, Switzerland and Taiwan. However, it depends on knowing the number of shares, which is affected by Apple's buybacks.

Hot on Apple's heels is Amazon.com, the second-largest listed USA company by market value, at around $880 billion, closely followed by Google-owner Alphabet and by Microsoft. Microsoft helps Apple survive with a $150 million investment.

Mr Jobs died in 2011 and was succeeded as chief executive by Tim Cook.

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