Money Apple hits $1 trillion stock market valuation

19:45  02 august  2018
19:45  02 august  2018 Source:   reuters.com

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By Noel Randewich. SAN FRANCISCO (Reuters) - Apple Inc became the first $ 1 trillion (£767 billion) publicly listed U.S. company on Thursday, crowning a decade-long rise fuelled by its ubiquitous iPhone that transformed it from a niche player in personal computers into a global powerhouse spanning

Apple Inc became the first $ 1 trillion publicly listed U.S. company on Thursday Apple 's stock market value is greater than the combined capitalization of Exxon Mobil, Procter & Gamble and AT&T. It now accounts for 4 percent of the S&P 500.

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Apple became the first $1 trillion publicly listed U.S. company Thursday, crowning a decade-long rise fueled by its ubiquitous iPhone that transformed it from a niche player in personal computers into a global powerhouse spanning entertainment and communications.

The tech company's stock jumped 2.8 percent to as high as $207.05, bringing its gain to about 9 percent since Tuesday when it reported June-quarter results above expectations and said it bought back $20 billion of its own shares.

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That model was a massive seller, but was followed by another fallow period in which the stock price fell 25% from its peak. It’s a good time to re-evaluate the stock (ticker: AAPL) because Apple could soon reach a milestone—the first U.S. company with a $ 1 trillion market valuation .

SAN FRANCISCO: Apple Inc became the first $ 1 trillion publicly listed U.S. company on Thursday, crowning a decade-long rise fueled by its ubiquitous After Market : Goa Carbon, Venky’s hit circuits, insider trade in Blue Star. Tech view: Nifty forms Bearish Belt Hold pattern, may slip towards 11,185.

Started in the garage of co-founder Steve Jobs in 1976, Apple has pushed its revenue beyond the economic outputs of Portugal, New Zealand and other countries. Along the way, it has changed how consumers connect with one another and how businesses conduct daily commerce.

The Silicon Valley stalwart's stock has surged more than 50,000 percent since its 1980 initial public offering, dwarfing the S&P 500's approximately 2,000-percent increase during the same almost four decades.

During that time, Apple evolved from selling Mac personal computers to becoming an architect of the mobile revolution with a cult-like following.

Jobs, who died in 2011, was succeeded as chief executive by Tim Cook, who has doubled the company's profits but struggled to develop a new product to replicate the society-altering success of the iPhone, which has seen sales taper off in recent years.

In 2006, the year before the iPhone launch, Apple generated less than $20 billion in sales and net profit just shy of $2 billion. By last year, its sales had grown more than 11-fold to $229 billion - the fourth highest in the S&P 500 - and net income had mushroomed at twice that rate to $48.4 billion, making it the most profitable publicly-listed U.S. company.

One of five U.S. companies since the 1980s to take a turn as Wall Street's largest company by market capitalization, Apple could lose its lead to the likes of Alphabet Inc or Amazon.com Inc if it does not find a major new product or service as demand for smartphones loses steam.

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