Apple became the first publicly traded American company to reach a trillion-dollar market capitalization on August 2, when its share price surged following the announcement of record second-quarter financial results. During the session, Apple's stock market value reached as much as $1.006 trillion.
Apple has sold more than a billion iPhones. "The five-year chart for all three companies show pretty steady upward climbs, but Alphabet's gains only tally 116 per cent versus almost 500 per cent for Amazon and 220 per cent for Apple", Robert Martin of InvestorPlace Media wrote. PetroChina (PTR), the Chinese oil giant, topped the trillion-dollar mark on its first day of trading in 2007, but the stock collapsed soon thereafter. Apple also forecast a strong fourth quarter, posting a revenue guidance of between $60 and $62 billion.
To put that into perspective, Boeing's market capitalization is about $204B.More news: China hits back at United States with $60bn tariff threat
Apple's shares have been gradually climbing upwards. Its shares trade at less than 16 times earnings estimates for the next 12 months, according to Morgan, who said he would be comfortable with a multiple of 18 or 19 for the stock.
- Apple is the world's first publicly traded company to be valued at $1 trillion, the financial fruit of stylish technology that has redefined what we expect from our gadgets.
Clientes pasan frente al logo de Apple en una tienda de la empresa en Nueva York, ago 1, 2018.More news: Jérôme Boateng to Manchester United?
Past year its sales hit $229bn, with profits of $48.4bn, making it the most profitable listed United States company. Five of the 10 largest USA companies by market cap on Thursday were tech companies, including Amazon,Alphabet, and Facebook.
Today's chart shows this milestone - as well as numerous ones before it - through a period of over 200 years of US market history. One of his biggest coups came in 1998 when he lured a soft-spoken Southerner, Tim Cook, away from Compaq Computer at a time when Apple's survival remained in doubt.
GBH Insights analyst Dan Ives discussed the milestone with CNBC saying: "I think it just speaks to just how powerful the Apple ecosystem has become over the last few decades". Now that is something we're not surprised out - they bring a new one out for every occasion.More news: Thousands of firefighters struggle to contain giant blazes in California
"It is not just about inventing new products, it is about delivering more value to current products through services and apps that can deliver revenue", said analyst Milanesi.