Apple, the world's most valuable publicly traded company, became first to reach the milestone $1 trillion market value. Unfortunately for Jeff Bezos, their evaluation stands at a measly $874 billion compared to Apple.
Apple's stock hit a high of $207.05 per share in trading just before noon ET, putting it at the $1 trillion mark. Investors couldn't be happier that the iPhone continues to sell well, Apple's wearable business is growing, and revenue from services is through the roof. Alphabet Inc. (Nasdaq: GOOGL), Google's parent company, now holds a 52. Since Cook became CEO, Apple's annual revenue has more than doubled to $229 billion while its stock has quadrupled.
The positive results and the steadily climbing stock prices can take the market cap of Amazon beyond the $1 Trillion mark in the next few weeks if not days.
Recently, some of his older clients have bought Apple shares for their grandchildren.
Apple's new record worth proves an incredible turnaround from the brink of bankruptcy the firm found itself only two decades ago. China is also a huge market for the company, making up about a fifth of its sales.
Steve founded Apple on the belief that the power of human creativity can solve even the biggest challenges - and that the people who are insane enough to think they can change the world are the ones who do.
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Chief executive Tim Cook credited strong iPhone and digital services sales - including streaming platform Apple Music - for the boost, which exceeded Wall Street forecasts. Amazon had the second-largest U.S. market cap as of Wednesday, at roughly $872.5 billion. Congratulations to Apple for reaching this milestone!
Its shares have increased more than 2.5 per cent so far this afternoon, bolstered by positive quarterly results for the Cupertino company in which it smashed analyst expectations.
As a supplier of the cutting-edge screens used on the iPhoneX, this supplier is on the front lines of the products that will drive Apple's growth - and profits.
A trillion dollars - $1,000,000,000,000 - is roughly the annual gross domestic product of Indonesia, and more than twice that of Belgium, according to World Bank data from 2016.
"Steve founded Apple on the belief that the power of human creativity can solve even the biggest challenges - and that the people who are insane enough to think they can change the world are the ones who do", Cook wrote.