Apple becomes world's first trillion dollar company

Apple becomes world's first trillion dollar company

Today, Apple's dominance of the financial world has reached a new milestone-the company has now topped $1 trillion in market capitalization, the collective value of all its shares of stock.

Apple is the first US company to hit the $1T milestone; here's why AAPL shares can climb even higher. The gains came after the iPhone maker reported strong earnings late Tuesday that prompted a two-day rally in the share price. In fact, while the company's iPhone earnings for the quarter grew 20% year-over-year because of higher smartphone ASPs, Apple's services revenue grew 31% year-over-year as the company has been expanding its offerings for some time now.

April 1976: Jobs, Wozniak and Ronald Wayne create Apple Computer to sell an eponymous computer hand-built by Wozniak. So you would expect he would have a lot to say today when stock prices surged high enough to make his old employer the first trillion dollar company.

Last year, sales had risen to $229bn and profits to $48.4bn, making it the most profitable public-listed United States company.

Speaking to Bloomberg's Emily Chang in the past, Apple CEO Tim Cook reportedly said that "I don't really think about [hitting $1 trillion]..." "Our Q3 results were driven by continued strong sales of iPhone, Services and Wearables, and we are very excited about the products and services in our pipeline".

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Apple generates less profit from each dollar of sales than it did in 2010, when it was worth one-quarter as much.

About 11 years after launching, the device represents both the biggest opportunity and challenge for Apple and Cook. Apple said it now has 4.83 billion shares outstanding.

So maybe in 50 years, we'll all be living in houses we bought from Amazon and filled with Google, Apple and Microsoft products. That wealth creation exceeds the current market value of every publicly traded USA company except Amazon, Microsoft and Google's parent, Alphabet.

The race to a $1 trillion market cap - symbolic as it is - has been closely watched on Wall Street. Cook insisted what Apple was doing was legal and in the best interest of shareholders, given the offshore money would have been subjected to a 35 percent tax rate had if it were brought back to the U.S.

The company founded by Steve Jobs, however, is not the first to achieve this feat.

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