Apple hits $1 trillion market cap – First Public Co with Net worth of $1Trillion
Apple hits $1 trillion market cap – Apple created history on Thursday in New York after it became the world’s first company to cross the mystical 1 trillion dollar mark. The US based company won the race ahead of Amazon and Alphabet to reach the historical mark after recording the best profits of its history in its last quarter and reaching a record 207$ price for its share. A company founded 42 years ago in a Santa Clara Valley garage to make personal computers, Apple today is the biggest conglomerate in the world after hitting the 13 figure valuation. It becomes the first American company to achieve that feat.
Apple’s shares went up almost a third in the last year with the company hitting sales of $229bn, with profits of $48.4bn last year, making it the most profitable listed US company. The reason for Apple’s sudden surge in valuation are given to the company’s strategy of producing lesser but more expensive phones since the last year. Also boosting Apple shares in recent months has seen the company trade at 15 times expected profit in comparison to the 82 times by Amazon and 25 times by Microsoft.
The Steve Jobs and Tim Cook established venture as also diversified its funds recently. This has helped it make about $10bn every three months from services such as selling apps, cloud storage and music streaming.
Here is putting the mind boggling feat of Apple in context with some other numbers:
- Apple would rank No. 17 if it was the GDP of a country
- The 2018 U.S. budget accounts for estimated revenues of $3.6 trillion, and expenditures of $4 trillion.
- Yesterday, Apple announced profits of $13.8 billion on $61.1 billion in revenue
- It is triple the size of Samsung, its nearest rival in the smartphone sector.
- 1 trillion dollars are enough to buy the IPhone X for 13% of the population of the world.
- Apple’s net worth can now buy Disney and Netflix.
- It can also buy all the top 50 sports franchises in the world
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