Wall Street eyes more gains from Apple, its US$1 trillion stock

Roman Schwartz
August 5, 2018

Apple - the culture-changing company behind the iPod, iPhone and iPad - hit another milestone on Thursday, becoming the first private-sector company to surpass US$1 trillion in market value.

Apple has become the world's first public company to be worth $1 trillion (£767bn), with the firm's Q3 results boosting stock prices high thanks to better than expected results.

Let's take this moment to thank our customers, our suppliers and business partners, the Apple developer community, our coworkers and all those who came before us at this remarkable company.

The Cupertino, California-based company earned $2.34 per diluted share in its fiscal third quarter, up 40 percent from the same period in 2017.

But Cook has gradually won accolades from investors by pumping out a series of solid financial results and spreading Apple's products to China and other foreign markets.

Jobs, who founded Apple in a Silicon Valley garage in 1976 with Steve Wozniak and built it into a global powerhouse, died in October 2011. During the session, Apple's stock market value reached as much as $1.006 trillion.

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Apple is the first private sector company to reach this level.

To be sure, past stock gains are not a reliable predictor of future performance, and the surge in Amazon shares in recent years has been exceptional by most standards.

The strong rumors about Apple achieving the first $1 trillion public company honor started earlier in May this year, after the announcement of cheerful 2018 Q2 earnings call.

In the letter, Cook also credited Apple cofounder Steve Jobs for reversing the company's misfortunes. Amazon is worth almost $900 billion while Google and Microsoft are each now worth more than $800 billion.

In the two decades since, Apple has risen to become the most valuable company in the world by helping popularize yet another era in computing, the smart phone.

The amount of payout to Cook every year can vary significantly depending on where Apple stands relative to other companies in the S&P 500 index. The iPhone, introduced by Jobs in 2007, has sold more than one billion units.

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