Apple Becomes the First Public Company to be Worth $1 Trillion
Apple has become the world’s first public company to be worth $1 trillion. The iPhone maker’s market value reached the figure in New York on Thursday and its shares closed at a new record high of $207.39.
The stock has been rising since Tuesday when it reported better than expected results for the three months to June. Apple beat Silicon Valley rivals such as Amazon and Microsoft to become the first to hit the $1 trillion valuation.
Since the iPhone first went on sale in 2007, Apple shares have soared by 1,100% and have jumped almost a third in the past year. The rise is even more astonishing – 50,000% – since the company first listed in 1980. That dwarfs the 2,000% increase for the S&P 500 index over the same period.
Apple traces its origins to the garage of co-founder Steve Jobs in 1976 and was initially best known for its Mac personal computers before its smartphone paved the way for the app economy. Mr Jobs, who died in 2011 and was succeeded as chief executive by Tim Cook, oversaw the development of the iPhone, which transformed Apple’s fortunes.
Last year its sales hit $229bn, with profits of $48.4bn, making it the most profitable listed US company. Stock markets are volatile, and a small but growing threat from Chinese smartphone makers might eat into Apple’s margins in the coming years. But no matter what your view of the company and its products, Apple devices have changed the world – and today made financial history as well.Disclaimer:We do not allow users to post content which is copyright and We take strict actions against the users who post infringement content on our website.Although we do not host any content, users post embed videos from youtube, facebook, Dailymotion and Vimeo and are moderated before posting but we still take strict action against the copyright videos posted.If you are an official representative of any company whose videos are posted illegally on our website or you think some video infringe the copyright then you can simply send an email to firstname.lastname@example.org