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Apple is the first $1 trillion company in history

02 August, 2018, 20:39 | Author: Sara Gill
  • Apple Buybacks May Total $21 Billion in Q2

Apple is not the first publicly traded company in the world to surpass the trillion dollar mark though. That put Apple on a path to overtake Exxon Mobil in 2011 as the largest U.S. company by market value.

This makes Apple worth more than the economies of countries such as Saudi Arabia, Switzerland and Taiwan.

The company's fortunes were turbocharged by the launch of personal gadgets such as the iPod in 2001 and the iPhone in 2007. Apple's own "Stocks" app, which is based on Yahoo Finance data, also put the company's value at $1.01 trillion.

Jobs, who died in 2011, was succeeded as chief executive by Tim Cook, who has doubled the company's profits but struggled to develop a new product to replicate the society-altering success of the iPhone, which has seen sales taper off in recent years.

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


Shares of Apple briefly hit $207.05 in late-morning trading, before retreating somewhat. Jim Cramer, for example, recently argued that Apple shares could start approaching $300.

Apple said it expects revenue of $60 billion to $62 billion for the fiscal fourth quarter that ends in September 30.

Adjusted for splits, Apple's stock price has risen almost 40,000% since its initial public offering in 1980.

The stock has been rising since Tuesday when it reported better than expected results for the three months to June.

As Bloomberg pointed out, the number of shares outstanding has been falling about 1.3% per quarter as Apple buys back its shares. Amazon's market cap stands at around $877 million, while Alphabet's is $851 million and Microsoft is worth about $822 million.

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