It's official-Apple is now the first $1 trillion publicly listed US company, 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. Despite a decent earnings report, though, Amazon ended up a few millions short and stabilized near $900 billion for most of the past week. That would value Apple at $1.3 trillion.
Apple flooded news headlines everywhere yesterday as its market value crossed $1 trillion for the first time after reporting handsome quarterly earnings. The company's stock price started rising subsequently, resulting in 2.92 percent gain during the trading hours and closing at $207.39 in NY on Thursday. Currently, Apple stock is trading at $207.93 in the extended trading hours.
To be sure, past stock gains are not a reliable predictor of future performance, and the surge in Amazon shares in recent years has been exceptional by most standards. One of three founders, Jobs was driven out of Apple in the mid-1980s, only to return a decade later and rescue the computer company from near bankruptcy.
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Apple Inc (AAPL.O) Chief Executive Tim Cook said on Thursday that the iPhone maker's $1 trillion market capitalization was "not the most important measure" of the company's success but was instead a result of its focus on its products, customers and company values.
Let's take this moment to thank our customers, our suppliers and business partners, the Apple developer community, our coworkers and all those who came before us at this remarkable company. It now accounts for 4% of the S&P 500.
"Steve founded Apple on the belief that the power of human creativity can solve even the biggest challenges - and that the people who are insane enough to think they can change the world are the ones who do".
Though many investors consider Apple a hardware company, Jackson said most consumers have a different relationship with Apple's products.