Apple Makes History As The World's First $1 Trillion Company

Apple Makes History As The World's First $1 Trillion Company

Apple Makes History As The World's First $1 Trillion Company

The company's Chief Executive Officer Tim Cook, in a call with investors, touted the company's growth in sectors such as smart home products, wearables and services such as the App Store and Apple Pay, National Public Radio reported.

An intensifying trade dispute between the United States and China weighed on global stocks and bond yields on Thursday, but a rise in Apple shares took its valuation above a record $1 trillion and helped major USA indexes close in positive territory. It became the first $900 billion company exactly nine months ago, on November 3, 2017.

The price escalation has widened Apple's profit margins to the delight of investors, who have boosted the company's market value by about $83 billion - almost equal to the entire market value of American Express - since the quarterly report came out late Tuesday.

It turns out that the high-priced iPhone X didn't turn off customers (unit sales were essentially flat year-over-year) as much as it raised the company's overall average selling prices.

At press time Apple's stock cost $206.90 and its market capitalization was $1.017 trillion.

Apple was founded in a Silicon Valley garage by college dropouts Steve Jobs and Steve Wozniak and their friend Ronald Wayne in 1976.

In 2006, the year before the iPhone launch, Apple generated less than $20 billion in sales and net profit just shy of $2 billion.

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While unit sales have slowed recently, the company is building digital services and a suite of other gadgets around the device. Apple , meanwhile, has focused more on services such as the App Store and its entertainment businesses as growth drivers.

Gold prices inched downward after Fed's upbeat assessment of the economy to the lowest price in more than a year as the dollar, which typically has an inverse relationship with gold, rose. The rally continued on Thursday, propelling shares to the magic number of $207.05.

Wynn Resorts slumped 6.5 per cent after reporting a 14.9 per cent decline in revenues from its Macau resort to US$543.3 million.

"These are the actual shares outstanding able to trade, even though some may be held by insiders, interlocks or others", Silverblatt said.

Technology companies like Apple, Amazon and Alphabet-the parent company of Google-appear to have taken the lead in high market value.

Last month, an ex-Apple engineer was charged with stealing trade secrets from a hush-hush self-driving vehicle technology project days before he quit to go to a Chinese start-up.

Its stock surged to its biggest gain in a year and a half today, soaring above the $207.04 value required for Apple to become a trillion dollar firm.

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