Apple became the world’s first trillion-dollar public company on Thursday, as a rise in its share price pushed it past the landmark valuation. But for all intents and purposes, Apple is the first US-based (and, for now, the only) trillion-dollar company on the market. It likely won’t be there alone for long, though: Amazon is also on the verge of hitting the $1 trillion mark after its own positive Q3 results.
Zero to trillion, this is how it happen
Apple hit the $1 trillion mark early this morning when its stock crossed $207.05 per share at 11:48am ET (the stock has since dropped back down slightly). Given the volatile nature of the market, however, it’s possible Apple may not stay a $1 trillion company for very long, or it could bounce back and forth over the $1 trillion mark in the coming days. It technically also isn’t the first to hit $1 trillion, either — PetroChina briefly reached $1 trillion back in 2007, although the stock soon fell below that mark.
Last week, analysts were betting on Amazon to reach the mark first — it has to cross $2060.89; it is at $1,828.57 now. But Apple’s positive performance in Q3 gave it the push Amazon did not get. Amazon, Google and Microsoft are next in line to the cross this benchmark.
Apple is the first US-based (and, for now, the only) trillion-dollar company on the market. It likely won’t be there alone for long, though: Amazon is also on the edge of hitting the $1 trillion mark after its own positive Q3 results.
Of course, all of this is an arbitrary milestone based on humans’ general tendency to put more weight on nice-looking round numbers as some kind of goal. There’s really no practical difference between Apple’s worth of $999 billion and $1 trillion since it’s still an almost impossibly wealthy and influential company beyond the comprehension of individual people.
The timeline of APPLE went like…
- Apple was co-founded in 1976 by Jobs, Ronald Wayne and Steve Wozniak, who is credited with designing and building the company’s first desktop computer, the Apple I, which sold for $666.66. Despite being among the key pioneers of the personal computer revolution, Jobs resigned from the company in 1985 after falling out with the then chief executive John Sculley.
- He did not return until 1997, when Apple paid $427m to acquire workstation computer company NeXT, becoming chief executive shortly afterwards.
- The company had been flirting with bankruptcy and was thought to have lost its way as it lost market share to Bill Gates’ Microsoft.
- But Jobs revived its fortunes, working closely with British designer Jony Ive to develop products such as the iMac that married sleek aesthetics with pioneering technology.
- But it was the decision to branch out from computers that turbocharged the company’s fortunes at the turn of the 21st century, as Apple moved into the arena of personal gadgets.
- The result was the invention of disruptive products such as the iPod in 2001 and the iPhone in 2007, which became cultural landmarks as well as pushing technological boundaries.
- Since the launch of the iPhone, there have been 18 different iterations and more than 1.2bn have been sold. The gadget accounts for 60% of the company’s $229bn in annual sales.
- Apple’s success turned Jobs into one of the most respected inventors and business figures in the world.
- But in 2011, a year and a half after returning to work following a liver transplant, he was forced to step down as chief executive as his health failed.
- He handed control of the company to Tim Cook and died just weeks later aged 56.
- Under Cook, the company extended its reputation for taking big bets on risky products, such as the Apple Watch, and the cordless AirPod headphones, which dispensed with the need for a headphone jack on its phones.
- But it has also faced controversy, including criticism of its attitude towards payment of corporation tax and the labour conditions faced by the factory workers who make the products it sells to wealthy consumers.
Twenty years after co-founder Steve Jobs returned to the company to rescue it from the brink of bankruptcy, Apple has thrived thanks to a succession of hit products and services, from the iPod and iTunes to the iPhone and App Store.