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Money Apple hits $1 trillion stock market valuation

19:45  02 august  2018
19:45  02 august  2018 Source:   reuters.com

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Apple hit a market cap of $ 1 trillion on Thursday — and hung onto the record valuation at market close — as the iPhone maker became the first publicly traded U.S. company to reach $ 1 trillion . The stock gained 2.92 percent during trading after a strong fiscal third-quarter earnings report earlier this

On Thursday Reuters reported that Apple has become the first $ 1 trillion publicly listed U.S. company. The tech company’s stock jumped 2.8 percent to as

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Apple became the first $1 trillion publicly listed U.S. company Thursday, crowning a decade-long rise fueled by its ubiquitous iPhone that transformed it from a niche player in personal computers into a global powerhouse spanning entertainment and communications.

The tech company's stock jumped 2.8 percent to as high as $207.05, bringing its gain to about 9 percent since Tuesday when it reported June-quarter results above expectations and said it bought back $20 billion of its own shares.

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Apple ’s stock market value is greater than the combined capitalization of Exxon Mobil Corp (XOM.N), Procter Apple ’s stock has risen over 30 percent in the past year, fueled by optimism about the iPhone X (INTERACTIVE GRAPHIC: Apple hits $ 1 trillion stock valuation - tmsnrt.rs/2KhcWg9).

Apple became the first $ 1 trillion publicly listed U.S. company Thursday, crowning a decade-long rise fueled by its ubiquitous iPhone that transformed it

Started in the garage of co-founder Steve Jobs in 1976, Apple has pushed its revenue beyond the economic outputs of Portugal, New Zealand and other countries. Along the way, it has changed how consumers connect with one another and how businesses conduct daily commerce.

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

During that time, Apple evolved from selling Mac personal computers to becoming an architect of the mobile revolution with a cult-like following.

Jobs, who died in 2011, was succeeded as chief executive by Tim Cook, who has doubled the company's profits but struggled to develop a new product to replicate the society-altering success of the iPhone, which has seen sales taper off in recent years.

In 2006, the year before the iPhone launch, Apple generated less than $20 billion in sales and net profit just shy of $2 billion. By last year, its sales had grown more than 11-fold to $229 billion - the fourth highest in the S&P 500 - and net income had mushroomed at twice that rate to $48.4 billion, making it the most profitable publicly-listed U.S. company.

One of five U.S. companies since the 1980s to take a turn as Wall Street's largest company by market capitalization, Apple could lose its lead to the likes of Alphabet Inc or Amazon.com Inc if it does not find a major new product or service as demand for smartphones loses steam.

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