Apple crosses $1 trillion in market cap, but is not the first company to do so
Apple CEO Tim Cook called it a “significant milestone” in a letter to employees. He also credited maverick founder Steve Jobs.
On Thursday, Apple became the first US corporation to cross $1 trillion in market cap when its stock price surged to $207.39, following good quarterly earnings reported earlier in the week. While Apple is the only public company in the world right now to be valued at $1 trillion, it is not the first to reach there.
Back in 2007, PetroChina (China’s biggest oil and gas company) briefly hit the $1-trillion mark on the Shanghai Stock Exchange before global oil prices collapsed and its stock tanked. Since 2011, however, Apple has been the world’s most valuable publicly traded corporation after surpassing oil major Exxon Mobil.
Since the iPhone first went public in 2007, Apple shares have grown 1,100 percent. Apple beat Silicon Valley rivals Amazon, Alphabet, and Microsoft to the $1-trillion valuation. Amazon, particularly, had been giving the iPhone-maker a tough fight with its stock soaring 60 percent in less than a year and its valuation crossing $900 billion for the first time in 21 years.
Apple CEO Tim Cook called $1 trillion a “significant milestone”. In a memo to employees, he wrote,
“While we have much to be proud of in this achievement, it's not the most important measure of our success. Financial returns are simply the result of Apple's innovation, putting our products and customers first, and always staying true to our values.”
Cook went on to acknowledge Apple’s maverick founder Steve Jobs for having built a unique, customer-centric company that builds products to “enrich lives”. He wrote,
“Steve founded Apple on the belief that the power of human creativity can solve even the biggest challenges -- and that the people who are crazy enough to think they can change the world are the ones who do. Our products not only create moments of surprise and delight, they empower people all around the globe to enrich their lives and the lives of others.”
While the June quarter saw Apple revenues grow 17 percent, the September quarter is expected to be better, with a slew of new launches lined up. Three new iPhones, an upgraded iPad Pro, and a redesigned Apple Watch are rumoured to be on the cards. It looks like the $1-trillion market cap is here to stay.