Apple Becomes World’s First Trillion-Dollar Company
Apple just became the world’s first trillion-dollar company when an increase in its overall share price pushed past the mark to achieve this record-breaking amount. Shares hit $207.05 shortly after the company posted financial results due to higher products sales.
In 2007, Chinese energy company PetroChina was first cited as the world’s first trillion-dollar company; but the estimation is widely considered to be unreliable since only 2 % of the company was released for public trading. National oil company, Saudi Aramco, of Saudi Arabia has been rumored to be worth up to a staggering $2 trillion due to its planned market float, but this value has yet to be verified. This leaves Apple with this uncontested title.
Since Tim Cook replaced Steve Jobs in 2011, Apple’s share price has grown an astounding four times over, making the company’s value in the stock market larger than countries like Mexico, Turkey, and Switzerland. It took the tech giant only 42 years to achieve this milestone, and it seems it has no sign of slowing down. The company racked up profit to the tune of $11.5 billion in just three months due to record sales totalling $53.3 billion.
Steve Cook sent out a company-wide memo, celebrating the success of this achievement. He called the valuation a “significant milestone” and assured employees, “it is much to be proud of”. Cool also gave thanks to customers, business partners, and suppliers.
In addition to these monumental sales volumes, Apple is sitting on about $285 billion in cash reserves, and scored a net profit of $48.5 billion in 2017. Luca Maestri, Apple’s finance chief said, “Growth was strong all around the world”.
Other tech companies in this highly competitive sector are struggling to compare to Apple, with Facebook’s value taking a major plunge, losing more than $120 billion of its total value. Amazon, previously thought to cross the trillion dollar mark, has fallen short of expectations; the same goes for Google and its parent company, Alphabet.