Apple is first public company worth $1 trillion

Apple is first public company worth $1 trillion

Apple is first public company worth $1 trillion

The stock has risen more than 21% so far this year, its latest rally coming after it reported strong revenue and profit gains Tuesday as demand for high-price iPhones.

Apple was founded in a Silicon Valley garage by college dropouts Steve Jobs and Steve Wozniak and their friend Ronald Wayne in 1976. Along the way, it has changed how consumers connect with one another and how businesses conduct daily commerce. Five years ago, Apple ranked 40th among companies in the S&P-500 Index by its annual operating profit margins, according to Bloomberg data.

While Apple is the first company to hit the trillion dollar mark, it is likely to be followed by Alphabet, Amazon and Microsoft. Jobs returned and, with key lieutenants like design head Jony Ive and operations chief Tim Cook, saved Apple and turned it into the giant it is today. However, Cook has overseen the development of key new products, like the iPhone X and Apple Watch, new services like Apple Music, and research on potential new categories like self-driving cars and augmented-reality glasses.

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In a United States regulatory filing this week, Cook warned that tariffs being imposed in a trade war between the USA and China could result inApplepaying more to make its products, eating into profit or forcing up prices for consumers.

The stock formally closed at $207.43, giving the company a valuation just a fraction north of $1 trillion. Recently, some of his older clients have bought Apple shares for their grandchildren. "We're just waiting for tomorrow's payrolls", said Tom Simons, money market economist at Jefferies in NY. Now, it ranks as the ninth most valuable, surpassed by Apple and a list consisting primarily on companies immersed in technology.

"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.

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The peak reached Thursday seemed unimaginable in 1997 when Apple teetered on the edge of bankruptcy, with its stock trading for less than $1. Shares of Apple this week traded at about 15 times expected earnings, compared to Amazon at 82 times earnings and Microsoft at 25 times earnings.

The feat has of course been a race because the stock market's top 10 is now dominated by tech companies, with Amazon topping $900 billion in market cap and Google and Microsoft worth more than $800 billion.

In 2015, Apple joined the Dow Jones Industrial Average, one of capitalism's most exclusive clubs. After all, it's easier to double revenue from $1 million to $2 million than from $100 billion to $200 billion.

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