Apple becomes world's first trillion dollar company

Apple becomes world's first trillion dollar company

During the day, the share price of the iPhone maker jumped by 2.8% to $207.05, passing the $1tn (£762bn) mark in NY trading. Ives continued to say: "It just speaks to the vision that [co-founder Steve Jobs] and now [CEO Tim Cook] have had in making sure Apple isn't just a hardware company".

According to Canaccord Genuity analyst Michael Walkley, Apple appears to be taking market share from Samsung, its primary competitor in high-end phones. Apple is the first USA company to reach that lofty level. Over the previous year, Apple has quietly begun to streamline its supply chain, cutting costs and incorporating new suppliers.

Some analysts expected Amazon, which also has continued to turn out stellar earnings, to be first to the mark. State oil company PetroChina briefly broke the $1 trillion barrier in 2007 during its initial public offering, but has since dropped back down.

Moreover, Apple's bottom line is still largely determined by their sales.

World Bank data shows there are only 16...

A woman shops in an Apple store in lower Manhattan on August 2, 2018 in New York City. Congratulations to Apple for reaching this milestone! "A clean beat on the path to $1 trillion".

But many financial insiders view the record as a non-event.

It would appear that, in the stewardship of Apple, Cook is following in the footsteps of the late and much revered Jobs; a heartening tale of good cop/good cop, incorruptible by even unprecedented amounts of money.

Apple sold 43.1m iPhones in the June quarter, as customers flocked to its more expensive models like the iPhone X.

The first company to hit $100 billion in market capitalization was only able to do so 23 years ago.

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Together with Facebook, the five largest US companies account for 15 percent of the S&P 500.

It has moved to keep up with trends in artificial intelligence and voice-commanded smart speakers.

Cook has consistently touted innovations in the pipeline at the famously secretive company.

Trip Miller, managing partner at Gullane Capital LLC in Memphis, said Apple "should trade much higher".

Now, the non-hardware services category is fueling Apple's continued growth.

But there's more to Apple than iPhone unit growth.

But they're just missing the bigger picture.

Canada's entire gross domestic product (GDP) is valued at about 1.7 trillion dollars right now.

Stock markets are volatile, and a small but growing threat from Chinese smartphone makers might eat into Apple's margins in the coming years.

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