Apple has touched the $1 trillion milestones. Apple became the first ever company to own this much of market capitalization. The stock gained 2.92% during trading after a strong fiscal third-quarter earnings report earlier this week to close at $207.39. It is possible that Apple may not stay at $1 trillion Company for a very long. As Amazon is also on the verge of hitting the $1 trillion mark.
After this historic market move, GBH Insights analyst Dan Ives said –
“I think it just speaks to just how powerful the Apple ecosystem has become over the last few decades. This is not the end, that they hit $1 trillion. I view this as just kind of speaking to a new stage of growth and profitability.”
Apple was founded by Steve Jobs back in 1976 with an aim to change the tech market forever. Gradually Apple has pushed its revenue beyond the economic outputs of Portugal, New Zealand, and other countries. When Apple launched the iPhone in 2006, it generated less than $20 billion in sales. In 2017, when Apple launched iPhone X, they were able to acquire $800 billion market capitalization value.
After Steve Jobs, the chief executive Tim Cook doubled up the company’s profit. But he struggled to develop a new product to replicate the society-altering success of the iPhone. Though in last year, the sales had grown more than 11-fold to $229 billion. Apple had quite the head start by hitting $900 billion in November.
Many on the Wall Street noted that Apple was on the path of hitting $1 trillion. iPhone is the key element behind Apple’s success. As iPhone holds 60% of the company’s annual revenue. Technically, Apple is not the first company to hit $1 trillion. Because back in 2007, PetroChina reached $1 trillion too. PetroChina is now worth about $205 billion.