Apple is officially worth more than $1,000,000,000,000
- Author: Anthony Vega Aug 04, 2018,
Aug 04, 2018, 2:02
The maker of the iPhone and other gadgets became the world's first publicly traded company with a market value of $1 trillion on Thursday.
The iPhone maker's market value reached the figure in late morning trading in NY as its shares rose to a new record high above $207. The rise of Apple was brought forth by Steve Jobs' innovative products in the iPod, iPhone, and others, revolutionizing the way we view technology today.
But there's no law against a company being worth more than $1 trillion.
Apple said it expects revenue of $60 billion to $62 billion for the fiscal fourth quarter that ends in September 30. The launch of the original iPhone was a turning point for Apple, and the relatively new iPhone X continued that trend, fueling a stock increase of more than 30-percent over the past year.
Amazon's in second place, with a market cap of $884.86 billion, and good ol' Google (well, Alphabet, technically) is in third at $854.49 billion. But according to CEO Tim Cook, this is "not the most important measure of our success".
The $1 trillion milestone is largely symbolic, though impressive.
Today's chart shows this milestone - as well as numerous ones before it - through a period of over 200 years of US market history. That was Chinese oil and gas giant PetroChina, which briefly topped $1 trillion in market value with its IPO in 2007, before the share price declined. So who's going to pay for it?
At the time of writing, Apple has already retreated from the $1 trillion valuations, and the fate of the last company to reach $1 trillion may be an object lesson to investors.
As the co-founder of one of the world's most successful companies, his is one of the most recognised names in the world of tech.
It's only taken Apple 42 years to get almost as big as Canada. Shares of Apple this week traded at about 15 times expected earnings, compared with Amazon at 82 times earnings and Microsoft at 25 times earnings. But, it's likely just a stepping stone to even more gains. That company is now worth about $205 billion.
The first company to hit $10 billion in market capitalization.