On Tuesday, Apple reported that net profit jumped more than 30 per cent to $11.5 billion.
Last year, sales had risen to $229bn and profits to $48.4bn, making it the most profitable public-listed U.S. company.
The milestone reached Thursday marks the latest triumph of a trend-setting company that two mavericks named Steve started in a Silicon Valley garage 42 years ago.
APPLE OFFICIALLY BECAME the world's first trillion-dollar company on Thursday. Starting from 2001, the company started to expand its family of products once again with the iPod music player that was followed by the Apple TV in 2006 (called iTV originally), the iPhone in 2007, the iPad in 2010, the Apple Watch in 2015, and the HomePod in 2017. That put Apple on a path to overtake Exxon Mobil in 2011 as the largest USA company by market value.
In the more than four decades since Steve Jobs founded the company in a California garage, Apple has become almost synonymous with personal computing and mobile devices. Since its inception, the company has launched 18 different iPhones with over 1.2 billion devices sold. Just months away from his death, Jobs officially handed off the CEO reins to Cook in August 2011.More news: China says it's ready to retaliate on latest USA tariff threat
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Craig Federighi, a senior vice president of software engineering (who works on development of Apple's operating systems) owns 460,367 shares.
Apple has won the race to a $1 trillion valuation ahead of its so-called FAANG rivals (Facebook, Amazon, Netflix, Google). "We returned nearly $25 billion to investors through our capital return programme during the quarter, including $20 billion in share repurchases".
The average iPhone selling price hit $724, beating analyst expectations of $694, according to data from FactSet.
"The markets are starting to recognize the value of its platform and services more and more, and that's what is being reflected in the increase in market capitalization", said Brad Neuman, director of Market Strategy at Alger, a growth equity asset management firm in New York City. It's just the number of shares multiplied by the share price.
On Wednesday, Apple's quarterly 10Q filing to the SEC said there were 4,829,926,000 shares. That wealth creation exceeds the current market value of every publicly traded US company except Amazon, Microsoft and Google's parent, Alphabet.