Oil giant PetroChina briefly topped a trillion dollar valuation in 2007 when its stock began trading in Shanghai, but shares quickly plunged afterward. Cook sent a memo to company staff reminding them that, while reaching $1 trillion is a “significant milestone”, it is not the most important measure of Apple’s success.
The iPhone and MacBook maker has seen its stock rise over 50,000% since it was first listed as a public company in 1980. Those earnings beat Wall Street expectations on the top and bottom lines, but iPhone sales fell slightly short. This year saw a slew of new Macbook Pro models, the Apple HomePod and rides on the tail of the late-2017 launch of the iPhone X.
Other technology companies with high-flying, trendy stocks are expected to join Apple in the $1 trillion club before long.
Virtual assistant Siri is built into Apple devices, and the company boasts the most popular smart watch on the market.
Wall Street loved it. Apple climbed almost 9 percent since the earnings report.
Apple might have a record-shattering market cap, but you can still own a slice of it for a thievishly low price. A $1 trillion market cap may be a staggering achievement, but there are lots of things that make Apple a wonderful company.
Apple shares rose 2.7% today and they’re up 22% so far this year.
In 2015, Apple joined the Dow Jones Industrial Average, one of capitalism’s most exclusive clubs. The S&P 500 has merely doubled in value over that time. The stock price, a split-adjusted $76, was agreeable, at a 21% discount to the market, relative to earnings, and Apple held cash and investments equal to a third of its market value.
It is selling fewer iPhones, but by releasing a more expensive version previous year, it is making more money per device.
This meant that Apple shares had to reach $207.04 per share before breaking $1 trillion.
Previous year its sales hit $229bn, with profits of $48.4bn, making it the most profitable listed United States company.
Apple, the company Steve Jobs and Steve Wozniak founded in 1976 in possibly not a garage, became the most valuable company in the world in 2012, passing Microsoft as iPhone sales pushed the company into the stratosphere.
And in 5 years maybe Canada will be worth less than the company that sold you your phone.