The tech titan on Thursday became the first company in the world to reach a $1 trillion valuation. It became the first $900 billion company exactly nine months ago, on Nov. 3, 2017. Apple sold 41.3 million iPhones last quarter and reported an average selling price of $724.
“It just speaks to the vision that [co-founder Steve Jobs] and now [CEO Tim Cook] have had in making sure Apple isn’t just a hardware company,” Ives said.
Amazon had also been approaching the threshold, surpassing $900 billion in market value in July. Apple had quite the head start, though, hitting $900 billion in November.
As of Thursday’s, close, Apple had gained 22 percent in 2018 and more than 30 percent in the last 12 months. After this three trillion news, the stock market saw a +w.41% hike in Apple shares. Apple’s stock, changing hands at $190 just 48 hours ago, needed to clear $207.04, based on its update after the closing bell Wednesday of this week of its share count, to see the company’s market capitalization eclipse the $1 trillion mark. It closed Thursday at $207.39.
According to THE VERGE, Apple is technically not the first company in the world to hit $1, with PetroChina briefly crossing the mark in 2007. Apple’s quarterly results published earlier this week showed a jump in iPhone sales to 41.3m, a slight increase on last year.
The company was able to achieve that milestone primarily through a desperate attempt by the leaders of the company to reorganize the institution after it was bought from Andrew Carnegie. It took over a half-century before a company managed to reach the $10bn valuation mark.