Apple briefly becomes the first $1 trillion US company

Alicia Cross
August 3, 2018

That was Chinese oil and gas giant PetroChina, which briefly topped $1 trillion in market value with its IPO in 2007, before the share price declined.

Apple's own Stocks app, powered by Yahoo Finance, actually jumped the gun somewhat, and reported the news early.

Apple is the first private sector company to reach this level.

The Silicon Valley firm's stock has surged more than 50,000% since its 1980 initial public offering, dwarfing the S&P 500's approximately 2,000% increase during the same nearly four decades.

"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.

The Nasdaq, Dow and benchmark S&P indexes had opened lower, but began to turn positive as the advance in Apple shares helped take the focus away from the trade dispute.

And an investor who bought in around the company's initial public offering would have made a very impressive return.

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What happened: Apple's market value crosed the $1 trillion mark today-a first for any publicly traded U.S. company.

Watch Apple trade in real time here.

January 1984: Apple heralds the arrival of its first Macintosh computer with a "1984" television commercial directed by Ridley Scott portraying a bold blow struck against an Orwellian computer culture.

That has raised concerns that Apple has become far too dependent on the iPhone, especially since iPad sales tapered off several years ago.

"Apple is approaching the upper limits of what it can comfortably charge consumers for the iPhone", Neil Mawston, an analyst at Strategy Analytics, said.

But Cook has capitalized on the continuing popularity of the iPhone and other products invented under Jobs' reign to sell services tailored for the more than 1.3 billion devices now powered by the company's software. Most analysts expected the ASP come in around $699, but ASP was at $724. Apple also forecast a strong fourth quarter, posting a revenue guidance of between $60 and $62 billion.

As Bloomberg pointed out, the number of shares outstanding has been falling about 1.3% per quarter as Apple buys back its shares.

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