Published: Fri, August 03, 2018
Markets | By Noel Gibbs

Apple hits the $1T milestone

Apple hits the $1T milestone

Apple hit the US$1 trillion mark when its shares reached an all-time high of US$207.05 around midday in NY (4am NZT).

The gains came after the iPhone maker reported strong earnings late Tuesday that prompted a two-day rally in the share price.

Apple Inc became the first US-based company with a market value of $1 trillion, four decades after it was co-founded by Steve Jobs in a Silicon Valley garage and later revolutionized the worlds of computing, music and mobile communications.

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Other companies have come close to the mark, but no public USA company has hit a $1 trillion valuation.

Amazon is in second place at $866bn, followed by Alphabet, the parent company of Google, at $843bn.

Hit parade: Apple pioneered personal computing back in the 1980s but almost went bankrupt in the 1990s.

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Apart from iPhone and services, another growth area is accessories where it gained 37% more revenue year on year. But Apple is, of course, unique, and it has made its run to $1 trillion on the back of exactly one incredibly profitable product, the iPhone. That was Chinese oil and gas giant PetroChina, which briefly topped $1 trillion in market value with its IPO in 2007, before the share price declined. It now accounts for 4 percent of the S&P 500. The company has bought roughly a quarter of its own shares since 2012. "Given our confidence in Apple's future, we are very happy to announce that our Board has approved a new $100 billion share repurchase authorization and a 16 percent increase in our quarterly dividend", he added.

For one thing, the marketing guru behind the success of the Macintosh computer wishes he hadn't turned down an offer from founder Steve Jobs to return to Apple. The online sales company now has a market value of $880 billion dollars.

In recent years, the financial world considered Amazon and Apple to be in race toward the milestone.

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The feat has of course been a race because the stock market's top 10 is now dominated by tech companies, with Amazon topping $900 billion in market cap and Google and Microsoft worth more than $800 billion.

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