Published: Fri, August 03, 2018
Money | By Armando Alvarado

Apple is first public company worth $1 trillion

Apple is first public company worth $1 trillion

This is a breaking news story that is being updated by our reporters. Along the way, it has changed how consumers connect with one another and how businesses conduct daily commerce.

Apple's share price has risen 22 per cent in 2018, eclipsing the US$200 mark earlier this year and valuing the company at more than $US1 trillion.

Mr Jobs died in 2011 and was succeeded as chief executive by Tim Cook.

It turns out that the high-priced iPhone X didn't turn off customers (unit sales were essentially flat year-over-year) as much as it raised the company's overall average selling prices.

For context, passing the $1 trillion mark means Apple now has a value greater than the gross domestic product of all but 26 major countries; its value is higher than the GDP of Argentina, the Netherlands, Sweden, and Switzerland, among others, according to the CIA's World Factbook.

Institutional shareholders including The Vanguard Group and Blackrock own 15.93% of the company's outstanding shares.

January 1984: Apple heralds the arrival of its first Macintosh computer with a "1984" television commercial directed by Ridley Scott portraying a bold blow struck against an Orwellian computer culture. "Steve Jobs offered me a third job and I turned him down". Shares of Apple this week traded at about 15 times expected earnings, compared with Amazon at 82 times earnings and Microsoft at 25 times earnings.

Oil prices slip ahead of inventory report
Also, there are concerns that Canada's Suncor Energy's Syncrude oil sands facility might not be fully operational anytime soon. USA crude prices actually rose in 13 of the month's 21 sessions, while Brent is also up in 13 of the 22 trading days.

August 1998: Apple releases the all-in-one iMac computer.

That helped Samsung to become the world's biggest mobile phone manufacturer, while China's Huawei overtook Apple to become the second-largest smartphone seller this week.

But the phenomenal success of the iPhone led competitors to mirror certain features like touch-screens featuring rows of colorful icons - and prompted Apple to pursue those competitors in court.

January 2010: Apple introduces the iPad.

September 2014: Apple introduces the Apple Watch.

In addition to device sales, Apple's services and software revenue reached a new milestone during the June quarter; this encompasses iCloud, Apple Pay, Apple Care, iTunes, and more.

The peak reached on Thursday (Friday NZ Time) seemed unimaginable in 1997 when Apple teetered on the edge of bankruptcy, with its stock trading for less than US$1.

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