Apple last night became the first American company to reach a stock market valuation of $1 trillion, two decades after it was on the edge of bankruptcy. According to the Guardian, the share prices have grown 2000 per cent since Tim Cook replaced Steve Jobs, who co-founded the company in 1976, as chief executive in 2011. Along the way, it has changed how consumers connect with one another and how businesses conduct daily commerce.
Apple is the first private sector company to reach this level.
When the iPhone was introduced in 2007 it kicked off a smartphone revolution, leaving the giants of the mobile phone industry Nokia and Blackberry struggling for survival.
"We're thrilled to report Apple's best June quarter ever, and our fourth consecutive quarter of double-digit revenue growth", said Tim Cook, Apple's CEO in the firm's statement.
Before the release of the iPhone, Apple was reporting revenue of less than $20bn and profits of less than $2bn from the sale of its Mac personal computers in 2006. That would value Apple at $1.3 trillion. But that peak coincided with a Chinese stock-market bubble, and PetroChina's shares would lose $800 billion in value over the next 10 years.
Virtual assistant Siri is built into Apple devices, and the company boasts the most popular smart watch on the market.
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The price gave the stock a market value of $1,001,678,000,000 - or $1.002 trillion rounded up. It also announced that it had used some of its huge pile of cash to buy back shares worth billions. Jobs passed away in October, 2011.
Apple has just won the race to be the first one trillion dollars publicly traded tech company after it's share price passed $207.04 a share today.
Adjusting for four stock splits over the years, Apple debuted on the stock market for the equivalent of 39 cents a share on December 12, 1980, compared to Thursday's high of $207.05. Apple sits atop a US stock market that has become dominated by technology-centered companies: Amazon, Google's parent Alphabet, Microsoft and Facebook round out the top five in market value. Shares of Apple this week traded at about 15 times expected earnings, compared to Amazon at 82 times earnings and Microsoft at 25 times earnings. Here's one: today, Apple became the first United States company to surpass a total market capitalization of $1 trillion (trillion as in a thousand billions).
Apple has sold more than a billion iPhones since the first model was unveiled by Jobs in 2007.
In fact, Amazon, Alphabet, and Microsoft could soon be joining Apple over the $1 trillion threshold - currently, they're worth $886 billion, $844 billion, and $825 billion respectively.