Apple is now worth $1000000000000

Dwayne Harmon
August 2, 2018

The share price jumped by more than 8 percent this week after Apple reported impressive quarterly earnings on Tuesday, driven largely by strong sales for high-price iPhones.

During that time, Apple evolved from selling Mac personal computers to becoming an architect of the mobile revolution with a cult-like following. Under CEO Tim Cook, Apple also has embraced the internet, with its thriving services business helping propel the company toward the new milestone. By past year, its sales had grown more than 11-fold to US$229 billion - the fourth highest in the S&P 500 - and net income had mushroomed at twice that rate to US$48.4 billion, making it the most profitable publicly-listed U.S. company.

Jeff Carbone, co-founder of Cornerstone Financial Partners in Charlotte, North Carolina, has included Apple in his clients' portfolios for about a decade. Jim Cramer, for example, recently argued that Apple shares could start approaching $300.

Apple first listed in 1980 and its stock has risen more than 50,000% since then. After launching the iPhone - arguably its most famous product - in 2007, Apple now churns out over 40 million of the devices every quarter, helping it rake in $254.63 billion in revenue past year.

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Bullish investors have rallied after the company's results for the June 30 quarter that handily beat Wall Street forecasts and its upbeat guidance for the September quarter with refreshed products expected this fall.

That would put Apple's stock market value at $973 billion, based on its newly disclosed number of shares.

Apple on Thursday became the first private-sector company in history to be worth $1 trillion, after its share price reached an all-time high above $207. Since 1980, IBM, Exxon Mobil, General Electric and Microsoft have also alternated as the largest publicly listed USA company.

Apple wasn't the first company to the $1 trillion market-cap mark.

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