Apple becomes First US Based Trillion Dollar Company
World’s most valuable company Apple was started in the garage of late co-founder Steve Jobs in 1976, has now became the 1st US Company to hit a $1 trillion valuation market valuation on 2nd August, Thursday after its stock hit an all-time high of $207.05 per share.
This comes after Apple some days ago reported its unparalleled strongest ever 3rd Quarter earnings, its profits rose 30% to $11.5 billion in April-June period. Apple’s year-over-year revenue rose 17% to $53.3 billion, marking the fourth consecutive quarter of double digit revenue growth. Jobs sold his Volkswagen minibus & co-founder Steve Wozniak sold his HP-65 calculator to collect funds for the first Apple computer.
Apple share prices have gone 11 times since Jobs unveiled the first iPhone in 2007. Apple is now roughly worth two times of Facebook, seven times of Netflix and 42 times of Twitter. Apple’s valuation is on par with Indonesia’s GDP, the 16th-largest economy in the world. Astoundingly, Apple was once on the verge of bankruptcy in 1997 when its stock traded below $1. Although, Apple is not the 1st trillion Dollar Company, Chinese oil giant PetroChina was the world’s first company to hit $1 trillion valuation in 2007. But all went downhill from there, however, as oil prices collapsed and a global financial crisis broke out.
PetroChina’s market value plummeted to less than $260 billion by the end of 2008, representing the largest destruction of shareholder wealth in world history, according to Bloomberg. After the achievement, CEO Tim Cook penned to 120,000 employees, saying that it was “significant milestone…to be proud of” but should not be the company’s focus. Cook further added that “financial returns are simply the result of Apple’s innovation and values” while the $1-trillion valuation was “not the most important measure” of the company’s success.