[H]ardOCP: Apple Topples the $1 Trillion Mark in Value
05 August, 2018, 15:44 | Author: Brooke Harris
Apple flooded news headlines everywhere yesterday as its market value crossed $1 trillion for the first time after reporting handsome quarterly earnings. Amazon is worth almost $900 billion while Google and Microsoft are each now worth more than $800 billion.
Let's take this moment to thank our customers, our suppliers and business partners, the Apple developer community, our coworkers and all those who came before us at this remarkable company. Incidentally, the trigger price for Apple to reach a trillion-dollar valuation has been slowly creeping upwards as the company continues to aggressively buy back shares as part of its capital return program.
The strong rumors about Apple achieving the first $1 trillion public company honor started earlier in May this year, after the announcement of cheerful 2018 Q2 earnings call. The company's stock price started rising subsequently, resulting in 2.92 percent gain during the trading hours and closing at $207.39 in NY on Thursday.
Apple's stock market value is greater than the combined capitalisation of Exxon Mobil, Procter & Gamble and AT&T.
Amazon (AMZN.O), Microsoft (MSFT.O) and Alphabet (GOOGL.O) are locked in a tight race to become the second publicly-listed USA company to reach a $1 trillion stock market value after Apple (AAPL.O) became the first to touch the 13-digit milestone.
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In the letter, Cook also credited Apple cofounder Steve Jobs for reversing the company's misfortunes.
Today Apple passed a significant milestone. Apple is now up more than 20% this year.
"While we have much to be proud of in this achievement, it's not the most important measure of our success", Cook wrote. Apple's stock has climbed by 23 percent so far this year, compared to a 6 percent gain for the Standard & Poor's 500 index.
"Steve (Jobs) founded Apple on the belief that the power of human creativity can solve even the biggest challenges - and that the people who are insane enough to think they can change the world are the ones who do".
Cook emphasized the company's innovation and principles make Apple one of the world's most valuable businesses.
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