Apple becomes world's first trillion-dollar company

Apple becomes world's first trillion-dollar company

Apple becomes world's first trillion-dollar company

The iPhone is regarded as a seminal product for Apple's trajectory as a company; in 2006, the firm's sales were less than $20 billion, with profits of almost $2 billion. At our closing share price of $207.39, the stock market now values Apple at more than $1 trillion.

"Financial returns are simply the result of Apple's innovation, putting our products and customers first, and always staying true to our values", Cook wrote.

"Apple's $1 trillion cap is equal to about 5 percent of the total gross domestic product of the United States in 2018", said David Kass, professor of finance at the University of Maryland. Some analysts expected Amazon, which also has continued to turn out stellar earnings, to be first to the mark.

Apple's stock chart today, showing a market cap of $1 trillion. It did not reach the $100 billion mark until May 2007, but five years later the technology giant reached a value of $500 billion. On top of that, it has built a large and fast-growing business with the App Store, iTunes, Apple Music and other services, which pulled in $9.55 billion in sales in the most recent quarter. The company reached the milestone today when its stock exceeded $207.04 per share, ultimately reaching an all-time high of more than $208. And as long as these companies continue to generate long-term earnings growth - as virtually every analyst expects - their share prices will continue to rise over the long haul. "Even though you don't have a contract that says your next iPhone you're going to upgrade in one year or two years, who among us who owns an iPhone is not going to, in three to four years, upgrade to the latest and greatest iPhone?"

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PetroChina was briefly worth about $1.1 trillion after floating in Shanghai in 2007, although most of its shares were held by the Chinese government.

Amazon is the second most valuable company at $885 billion and Alphabet, the parent of search leader Google, is worth about $860 billion.

iPhone X full review: Does Apple's fragile beauty still stand up to its rivals? Its shares trade at less than 16 times earnings estimates for the next 12 months, according to Morgan, who said he would be comfortable with a multiple of 18 or 19 for the stock.

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