Apple Is Now Worth $1 Trillion
08 August, 2018 | Technology
Since Tim Cook, Apple’s CEO took the reins back in 2011, the companies’ stock has quadrupled and it’s been a long time coming but Apple has finally become the first U.S $1 trillion company, beating Amazon to this historic milestone.
This follows a jump in stock after reporting strong earnings in the third quarter of 2018, which surpassed both its own projections and analysts’ estimates.
Apple’s stock hit $207.05 per share, bringing its value to $1 trillion. This makes it the first U.S company to achieve this milestone. However, it technically isn’t the first company to reach $1 trillion in the world with PetroChina achieving that back in 2007 (although the company’s valuation was very unreliable and their stock soon fell below the mark).
The stock shot up in the third quarter after racking up profits of $11.5 billion in the last three months on the back of record sales that hit $53.3 billion due partly to the high price of the iPhone X, pushing the stock value up from $935 billion to $1 trillion.
At present, this makes Apple the only $1 trillion company in the world but this will likely change as Amazon is on the verge of hitting $1 trillion too.
This means that Apple’s stock market value is more than a third the size of the UK economy and larger than the Switzerland economy!