Economy

Apple reaches new landmark with $1 trillion valuation

Apple reaches new landmark with $1 trillion valuation

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.

Shares of Apple hit $207.91 in afternoon trading on Wall Street, allowing it to hit the magic number two days after the California tech giant reported strong quarterly earnings.

The company's stock was at $205.98, up 2.2 percent near 1555 GMT.

More recently, Apple has been in a race to $1 trillion with Seattle-based e-commerce giant Amazon, which is now valued around $879 billion.

Information technology stocks gained 2.5 per cent, led by a 5.9-per-cent jump in shares of Shopify Inc.

Apple's profits and cash flow continue to pile up, and they are the envy of the corporate world. Starting from 2001, the company started to expand its family of products once again with the iPod music player that was followed by the Apple TV in 2006 (called iTV originally), the iPhone in 2007, the iPad in 2010, the Apple Watch in 2015, and the HomePod in 2017. The company estimated a healthy revenue stream of between $60 billion and $62 billion with low operating costs of just $7.95 billion to $8.05 billion.

China-based Huawei took the second-place spot from Apple in a tightening global smartphone market during the second quarter of this year, according to the International Data Corporation. Apple is the first U.S. company to reach that lofty level.

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The surge in Apple shares revealed anew how technology remained the "sector that propels the market", despite headwinds facing some prominent companies, said Gregori Volokhine, president of Meeschaert Capital Markets.

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.

PetroChina was briefly worth about $1.1 trillion after floating in Shanghai in 2007, although most of its shares were held by the Chinese government. Companies typically do so when they consider their stock to be undervalued-or to return funding to investors.

APPLE OFFICIALLY BECAME the world's first trillion-dollar company on Thursday.

That year saw Apple's market value climb from $72 billion to $173 billion.

Apple said it expects revenue of $60 billion to $62 billion for the fiscal fourth quarter that ends in September 30.


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