Apple becomes world’s first trillion-dollar company

On Thursday, Computing and mobile phone giant – Apple became the world’s first trillion-dollar company after a rise in its share price pushed it past the landmark before its closest rival for the grand honor,  Amazon. The stock has been rising since Tuesday when it reported better than expected results for the three months to June, Apple’s market value reached the figure in late morning trading in New York as its shares rose to a new record high above $207. Since the iPhone first went on sale in 2007, the company’s shares have soared by 1,100% and have jumped almost a third in the past year.

Apple traces its origins to the garage of co-founder Steve Jobs in 1976 and was initially best known for its Mac personal computers before its smartphone paved the way for the app economy. Adjusted for splits, Apple’s stock price has risen nearly 40,000% since its initial public offering in 1980.

The iMac to iPhone company, co-founded to sell personal computers by the late Steve Jobs in 1976, reached the historic milestone as its shares hit $207.05, the day after it posted strong financial results. Apple’s share price has grown 2,000% since Tim Cook replaced Jobs at chief executive in 2011. The company hit a $1tn market capitalisation 42 years after it was founded and 117 years after US Steel became the first company to be valued at $1bn in 1901 – The Guardian

Now, the non-hardware services category is fueling Apple’s continued growth. On Tuesday, the company said Apple Services, which includes things like the App Store and Apple Music, saw a 31% jump in revenue. 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.

Richard Ogundiya

Journalist & Techpreneur. Africa, communications and data.

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