Apple has successfully hit the market capitalisation of $1 trillion and became the first US company to hit that target. This happened on Thursday as the iPhone maker became the first publicly traded U.S. company to reach $1 trillion.
During the trading, after reporting powerful third quarter earnings, the company’s stock gained 2.92 per cent. The luxury phone maker excelled the estimates of analysts as well as its own projections. Also, it made a vigorous forecast of its next earnings in the fourth quarter.
“The $1 trillion valuation was a significant milestone that gave Apple employees much to be proud of,” Tim Cook, Chief Executive of the company said. “Financial returns are simply the result of Apple’s innovation, putting our products and customers first, and always staying true to our values.”
Apple hit this valuation mark when its stock crossed $207.05 per share at 11:48 am ET. It reached the trillion-dollar milestone just before noon ET with a share price of $207.05. During the session, the tech giant’s stock market value reached as much as $1.006 trillion.
The iPhone maker started its operations in the garage of co-founder Steve Jobs in 1976. Apple has been successful in taking up its revenue beyond the economic outputs of Portugal, New Zealand and various other countries. Along with this, the company has also transformed the way consumers connect with each other and the way businesses conduct daily commerce.
Jobs died in 2011 and was succeeded by Tim Cook as the chief executive, who has been instrumental in increasing the company’s profits but grappled to produce a new product to replicate the society-altering success of the iPhone.
“Steve’s vision was grounded in the synergy between hardware products, software services, and third-party apps and media to make sure any customer would have everything they need without ever leaving the Apple ecosystem,” said Tony Fadell, who worked closely with Jobs to create the iPod digital music player.
Many other companies are looking forward to reaching the market valuation of $1 trillion very soon. The companies that are on the verge of achieving this target include Amazon, Alphabet and Microsoft Corp. that are worth more than $800 billion each.