Apple becomes first-ever company valued at $1 trillion

Share

The stock has been surging this week as anticipation mounts for the next generation of iPhone, expected to be released in September.

Apple saw excellent numbers during its fiscal third quarter of the year, revealing strong worldwide sales and demand for the pricey iPhone X, which helped tip revenues to a new record despite a dip in device sales.

Apple's final push to the $1 trillion mark came on the back of Tuesday night's fiscal-third-quarter earnings report - one that encouraged Wall Street's pros and individual investors alike by most measures. And there are almost two million developers in the country making apps for Apple's iOS.

Apple has fought myriad patent battles with rivals, particularly South Korean consumer electronics colossus Samsung, arguing that its product design is as much its intellectual property as the hardware and software.

And Apple faces strong competition from other technology companies.

Still, concerns remained over the U.S.

"Just as Steve always did in moments like this, we should all look forward to Apple's bright future and the great work we'll do together".

It is a market development that has been in the pipeline for well over a year. Now, it ranks as the ninth most valuable, surpassed by Apple and a list consisting primarily on companies immersed in technology.

More news: IPL friendships will count for nothing in Test battle - Jos Buttler

January 2016: Apple announces that more than a billion of its devices are in use around the world. But until the IPO is completed, Saudi Aramco's actual value remains murky.

The landmark is the latest victory for Tim Cook, who faced scepticism when he took over as chief executive in 2011 from ailing iconic co-founder Steve Jobs. His vision, showmanship and sense of style propelled Apple's comeback. Under his leadership, the iPhone has been persistently popular around the world, reaching over 1.4 billion units sold.

The company, which was started in a garage in Palo Alto by Steve Jobs and Steve Wozniak in 1976, has transformed the way people communicate with its ubiquitous iPhone.

The massive evaluation was calculated when their stock surged even higher than it had in the past week, meaning that they racked in over $65 billion in just two days since they were being evaluated at $935 billion on July 31. Recently, some of his older clients have bought Apple shares for their grandchildren.

One of those is Canada, but Apple isn't that far behind us now.

Jobs' vision, showmanship and sense of style propelled Apple's comeback. Since Cook became CEO, Apple's annual revenue has more than doubled to $229 billion while its stock has quadrupled.

As are Google and Microsoft, who are both valued at about $800 billion.

Share