Amazon left behind in the race with the market cap of $883 bn
Apple has finally touched the $1 trillion milestones and become the first company ever to own this much of market capitalization. The tech giant achieved this value on Thursday after its market share experienced a sudden hike. On Tuesday, Apple shared its quarterly fiscal figures, and within two days, its share hits the all-time high value with $207.05. This sudden rise in its market share pushed the company towards a $1tn historical market cap value.
The iPhone maker already holds the most valuable company position on this planet before reaching this landmark point. Apple was founded by late Steve Jobs in 1976 with an idea to change the tech market forever. During all these years, the Cupertino based company has evolved and reshaped the mobile and laptop industry. Currently, Apple’s share is 2,000% more than it was in 2011 when Tim Cook took over as the CEO.
On an interesting note, Apple’s market cap value is now more than the economies of Turkey & Switzerland and one-third of the UK economy. iPhone holds the significant contribution to this success of the company. In 42 years, Apple has grown its value from nothing to $1tn, and this historical moment took place 117 years after US steel became the first company to acquire $1bn value in 1901.
Apple disclosed its quarterly financial results revealing the surprising numbers that weren't expected by The Street Wall. In the last three month, the tech giant has recorded a profit of $11.5bn that was possible due to a total sale of $53.3bn. This quarterly fiscal report powered the Apple’s share enough to get a big jump and bring the company’s evaluation value to a new height. In late 2017, after Apple launched iPhone X and iPhone 8, the company was able to acquire $800bn market capitalization value. Since then the count has been going high only, and now finally hits $1tn figure.
Amazon, which was expected to own this $1tn crown first is also beaten by Apple in spite of reporting a record-breaking profit last week. After experiencing a significant fall in its share price, the company now worth $883bn. On the other hand, Apple's arch-nemesis, Google’s parent company Alphabet Inc is still hanging to $845bn market cap value. This is a very proud moment for Tim Cook who has been leading Apply for seven years now. “Looking ahead, we couldn’t be more excited about the products and services in our pipeline,” Tim Cook said during this quarter earnings call.
Steve Jobs, Ronald Wayne, and Steve Wozniak founded Apple in 1976, and they sold the first Apple computer for $666.66. Unfortunately, Steve Jobs left the company by giving his resignation in 1985 and finally return in 1997. Apple was at the state of bankruptcy and huge loss when Jobs rejoined it. After 20 years of his coming back, Apple manages to become the first trillion dollar company.
iPhone can be considered as the key to breaking down the success for Apple, since its launch we have received almost 18 different iPhone iterations. iPhones hold 60% of the company’s annual revenue growth and Apple has sold more than 1.2bn iPhones to date.
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