(Image from Pixabay)
At the closing of the stock market Thursday (US time), Apple Inc.’s stock price leaped to 2.9 percent at $207.39 which led to it becoming the first $1 trillion publicly listed US company.
In the Reuters’ report, Apple has been on the brink of reaching the milestone since Tuesday when its stock price rallied about 9 percent after disclosing the June-quarter results that helped it bring back $20 billion of its own shares.
Since it’s initial public offering back in 1980, the company’s value has skyrocketed to 50,000 percent.
Apple became a byword when it launched Mac computers. In 2007, Apple dropped “Computers” in its official name, which signaled that it was eyeing another market to capture. The same year, the company launched iPhone which became a game-changer in the mobile landscape.
Apple CEO Tim Cook took full reins of the company when Steve Jobs died in 2011. Years prior that, Jobs had already appointed Cook as his replacement when the former was undergoing treatment for cancer.
iPhone sales have slowed down but have somehow recovered amid the explosion of new players in the smartphone market.
According to the Reuters report, “Apple generated less than $20 billion in sales and net profit just shy of $2 billion” the year before the company launched the iPhone. “By last year, its sales had grown more than 11-fold to $229 billion — the fourth highest in the S&P 500 .SPX — and net income had mushroomed at twice that rate to $48.4 billion, making it the most profitable publicly listed US company.”
In 2011, Apple took Exxon Mobil’s position as “the largest US company by market value.”