Apple becomes the world's first trillion dollar company

Apple Stock Buyback Tops $20B In Second Quarter

Apple becomes world's first trillion dollar company

By previous year, its sales had grown more than 11-fold to $229 billion - the fourth highest in the S&P 500 - and net income had mushroomed at twice that rate to $48.4 billion, making it the most profitable publicly-listed United States company. It could cement customer loyalty to these brands, enhancing a perception of quality.

This meant that Apple shares had to reach $207.04 per share before breaking $1 trillion.

In the more than four decades since Steve Jobs founded the company in a California garage, Apple has become almost synonymous with personal computing and mobile devices.

But there's no law against a company being worth more than $1 trillion.

Amazon's in second place, with a market cap of $884.86 billion, and good ol' Google (well, Alphabet, technically) is in third at $854.49 billion.

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. "It's one of those things that does not mean anything by itself.it's more a testimony of the importance of Apple on the market".

The chart below shows the value over time of a $1,000 investment in Apple made at its December 12, 1980 closing price. They're up 22 percent so far this year.

The race to a $1 trillion market cap - symbolic as it is - has been closely watched on Wall Street.

October 2001: Apple unveils the iPod and opens its first real-world shops. The company sold 41.3 million units, versus Canaccord's estimates for $40.5 million.

The first company to ever be worth $1 trillion was Petrochina, which reached the valuation briefly on its first day of trading, following its 2007 IPO.

More than $600 billion of Apple's current market value has been created while Cook has been CEO.

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