Published: Thu, August 02, 2018
Money | By Arnold Ball

Apple Becomes World's 1st Private-Sector Company Worth $1 Trillion

Apple Becomes World's 1st Private-Sector Company Worth $1 Trillion

Apple isn't the only technology giant flirting with the trillion dollar threshold.

The peak reached Thursday seemed unimaginable in 1997 when Apple teetered on the edge of bankruptcy, with its stock trading for less than $1. Apple's own "Stocks" app, which is based on Yahoo Finance data, also put the company's value at $1.01 trillion.

Past year its sales hit $229bn, with profits of $48.4bn, making it the most profitable listed United States company.

During that time, Apple evolved from selling Mac personal computers to becoming an architect of the mobile revolution with a cult-like following.

Jobs, who died in 2011, was succeeded as chief executive by Tim Cook, who has doubled the company's profits but struggled to develop a new product to replicate the society-altering success of the iPhone, which has seen sales taper off in recent years.

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The rise is even more astonishing - 50,000% - since the company first listed in 1980.

Bullish investors have rallied after the company's results for the June 30 quarter that handily beat Wall Street forecasts and its upbeat guidance for the September quarter with refreshed products expected this fall.

As Bloomberg pointed out, the number of shares outstanding has been falling about 1.3% per quarter as Apple buys back its shares. Since 1980, IBM, Exxon Mobil, General Electric and Microsoft have also alternated as the largest publicly listed United States company.

UPDATE: Aug. 2, 2018, 11:52 a.m. EDT Apple is officially the first company to hit $1 trillion market cap, according to CNBC. Amazon is valued at $870 billion, Google-parent Alphabet has a market valuation of $850 million and Microsoft's market cap is at just under $815 billion.

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