Saturday, March 2

Apple to Become First $1 Trillion Company Soon Beating Amazon

Apple’s market capitalisation topped a record of $934 billion on Thursday making the tech giant come at the verge of becoming the first $1 trillion publicly listed US company which might take over Amazon in the coming times.

The iPhone maker also witnessed an impetus after Warren Buffet announced the purchase of 75 million additional Apple shares in the first quarter.

Founded in 1976 under Steve Jobs, company’s annual revenue had grown to $229 billion which is greater than the GDP’s of countries like New Zealand and Portugal.

Moreover a 12% surge since its quarterly report last week, the California based company is just 8 percent short of hitting the $1 trillion valuation mark.

Meanwhile, Saudi Arabian authorities have said that they expect a planned international public offering of Saudi Aramco that would value the national oil producer at about $2 trillion.

The company’ stock too have witnessed a 24% hike over the past year fueled on the backdrop of iPhone X, Apple’s latest smartphone.

From a comparison perspective, Amazon’s stock has seen an upsurge of 70 percent in last 12 months accompanied with 31 percent revenue growth as more shopping moves online and businesses shift their IT departments to the cloud, where Amazon Web Services leads the market.

Moreover, Amazon is also competing with Apple and Google-owned Alphabet by selling its music and video content, its Fire TV device and Alexa smart home gadget.

Market analysts strongly believe that if Apple stocks keep growing at a pace as seen over the past year, the company’s market capitalisation would hit $1 trillion by September, overtaking Amazon.