Business

Apple Reaches $1 Trillion Stock Market Valuation Incidentally, Apple is not the only company in the world to reach the $1 trillion mark

@otuslive

APPLE on August 2, 2018, became the first tech company in the world to hit $1 trillion as a publicly listed US company. The success has been mainly because of the iPhone.

Apple’s stock jumped 2.9 per cent ending the day at $207.39 giving it a market capitalisation of $1.002 trillion. During the day, Apple’s stock market value touched $1.006 trillion.

In a memo sent to its employees, Chief Executive Tim Cook said the $1 trillion valuation was “a significant milestone” that gave Apple employees “much to be proud of.” But he said it was “not the most important measure” of the company’s success, reported Reuters.

Financial returns are simply the result of Apple’s innovation, putting our products and customers first, and always staying true to our values.

– Tim Cook, CEO, Apple

According to Reuters, Apple’s stock market value is greater than the combined capitalization of Exxon Mobil Corp, Procter & Gamble Co, and AT&T Inc.

But for all intents and purposes, Apple is the first US-based trillion-dollar company on the market. It likely won’t be there alone for long as Amazon is also on the brink of hitting $1 trillion valuations after its own positive Q3 results.

Apple isn’t the first company in the world to hit $1 trillion. PetroChina briefly crossed the mark in 2007. But for now, it certainly is the first tech company as well as the first US-based company to achieve the milestone.

Apple recently announced financial results for its fiscal 2018 third quarter that ended on June 30, 2018. The company posted quarterly revenue of $53.3 billion, an increase of 17 per cent from the year-ago quarter, and quarterly earnings per diluted share of $2.34, up 40 percent. Their international sales accounted for 60 per cent of the quarter’s revenue.

~ENDS~

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