Chief Executive Tim Cook said in a memo to staff that the $1 trillion valuation was “a significant milestone” that gave Apple employees “much to be proud of.”
Apple Breaches $1 trillion Stock Market Valuation
Apple Inc has become 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.
The tech company’s stock jumped 2.9 percent to end the day at $207.39, giving it a market capitalization of $1.002 trillion. During the session, Apple’s stock market value reached as much as $1.006 trillion.
Apple has rallied about 9 percent since last Tuesday, when it reported June-quarter results above expectations and said it bought back $20 billion of its own shares. It was Apple’s best two-day run since April 2014.
In a memo to Apple’s more than 120,000 employees on Thursday that was seen by Reuters, Chief Executive Tim Cook said the $1 trillion valuation was “a significant milestone” that gave Apple employees “much to be proud of.” But he said it was “not the most important measure” of the company’s success.
“Financial returns are simply the result of Apple’s innovation, putting our products and customers first, and always staying true to our values,” Cook said in the memo.
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.
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.
He launched the iPhone in 2007, dropping “Computer” from Apple’s name and super-charging the cellphone industry, catching Microsoft Corp, Intel Corp, Samsung Electronics Co Ltd and Nokia off guard. That put Apple on a path to overtake Exxon Mobil in 2011 as the largest US company by market value.
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.
Hot on Apple’s heels is Amazon.com, the second-largest listed US company by market value, at around $880 billion, closely followed by Google-owner Alphabet and by Microsoft.