Tech Giant Apple Becomes First Trillion-Dollar Company
If you just bought an Iphone then you just contributed your own quota to Apple becoming the first private -Sector Company in history to hit a stock market valuation of one trillion dollars.
Apple became the biggest tech company in the world on Thursday as its stock jumped 2.8 percent to $207.05, bringing its gain to nine percent since Tuesday when it reported June-quarter results above expectations and said it bought back $20bn of its own shares.
Apple’s revenue soared 17 % higher than the same results last year with the sale of its signature luxury brand the Iphone; online services and wearable devices also helped push the tech giant to financial heights.
Apple luxury brand the Iphone, transformed the tech company that started out in a family garage in California’s Silicon Valley more than 40 years ago, from a niche player in personal computers into a global powerhouse spanning entertainment and communications.
Apple has weathered boardroom drama, market missteps, and almost went bankrupt while building its path to success, transforming lifestyles and the way we communicate with each other along the way.
Although there was initial investor doubts about the ability of Apple to grow in the mobile phone market due to its saturation, its latest earnings however reveal that the tech giant’s latest success comes from the strong demand for its expensive signature product, the Iphone X.
Asides from its luxury hardware, Apple is also seeing growth in its services business, which includes the App Store, Apple Music and Apple Pay. Sixty percent of the company’s sales are international and every region except reported double-digit growth, except Japan where Samsung is king.
This is the fourth quarter in a row of double-digit growth for the Tech giant, pushing it into trillion-dollar territory at a time when other tech stocks like Facebook and Twitter have struggled.
According to Creative Strategies analyst Carolina Milanesi, “Apple’s symbolic stock market accomplishment is a natural result given the tech company’s winning steps, and it is certainly not the finish line.”