Apple becomes world's first trillion dollar company

02 August, 2018, 20:38 | Author: Sally Reid
  • Apple becomes world's first trillion dollar company

Apple Chief Executive Tim Cook has a trillion reasons to smile. Apple announced $100 billion in stock buybacks on May 1, the largest repurchase ever by a USA public company.

In the almost more than four decades since Steve Jobs founded the company in a California garage, Apple has become almost synonymous with personal computing and mobile devices.

Apple crossed the threshold in Thursday trading following a strong third-quarter report that showed earnings beat expectations and also showed increased revenue from the technology giant's services and software businesses.

Other tech giants have been approaching $1 trillion in market cap, but still lag behind Apple.

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

Apple's stock has risen over 30 per cent in the past year, fuelled by optimism about the iPhone X, launched a decade after the original.

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

What makes it impressive is that Apple buys back a lot of its stock.

A lower share count means Apple's stock must reach a higher price to reach a $1 trillion market capitalization. Since 1980, IBM, Exxon Mobil, General Electric and Microsoft have also alternated as the largest publicly listed U.S. company.

Hot on Apple's heels is Amazon.com, the second-largest listed USA company by market value, at around US$880 billion, closely followed by Google-owner Alphabet and by Microsoft.

Apple's market milestone represents a remarkable turnaround for a company that was teetering on the brink of bankruptcy in the late 1990s, just before the return of visionary co-founder Steve Jobs.

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