Apple becomes world’s first public company worth $1 trillion

Apple becomes world’s first public company worth $1 trillion

One of his biggest coups came in 1998 when he lured a soft-spoken Southerner, Tim Cook - the current Apple chief executive - away from Compaq Computer at a time when Apple's survival remained in doubt.

Apple has been a profit geyser well before it was valued at the US$1 trillion (NZ$1.5 trillion) milestone the company reached on Thursday. It became the first $900 billion company exactly nine months ago, on November 3, 2017.

It began an ascent on Tuesday after reporting solid results in its latest quarter.

Since the iPhone first went on sale in 2007, Apple shares have soared by 1,100% and have jumped nearly a third in the past year.

Apple was founded in a Silicon Valley garage by college dropouts Steve Jobs and Steve Wozniak and their friend Ronald Wayne in 1976.

"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.

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Apple Inc extended its post-earnings rally, gaining 2.9 percent and pushing its market value across the trillion-dollar threshold.

Elsewhere, Saudi Aramco, the state-owned oil company of Saudi Arabia, has reportedly been eyeing a public offering that could value it near $2 trillion, but a potential listing has been mired in delays. Since Cook became CEO, Apple's annual revenue has more than doubled to $229 billion while its stock has quadrupled. Amazon, Google parent Alphabet and Microsoft have all watched their fortunes rise - and investors have watched closely to see which would hit $1 trillion first.

The chart below shows the value over time of a $1,000 investment in Apple made at its December 12, 1980 closing price.

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.

In a US regulatory filing this week, Cook warned tariffs being imposed in a US-China trade war could result in Apple paying more to make its products, eating into profit or forcing up prices for consumers.

For now, though, Apple seems to be at the top of its game, expanding recently into the Chinese market and finding success overseas.

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