Apple is first public company worth $1 trillion

Apple is first public company worth $1 trillion

Apple is first public company worth $1 trillion

Technology giant Apple on Thursday became the first private sector company in history to be worth $1 trillion (Rs 68 lakh crore) after its share price reached an all-time high, climbing above $207 (Rs 14,202), Fox Business reported.

The company's fortunes were turbocharged by the launch of personal gadgets such as the iPod in 2001 and the iPhone in 2007.

Apple shares have been rising steadily over the past few days, and the company's the stock price briefly topped the $207.04 per share threshold just a short while ago.

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-per-cent increase during the same nearly four decades.

For context, passing the $1 trillion mark means Apple now has a value greater than the gross domestic product (GDP) of all but 27 major countries, including Argentina, the Netherlands, Sweden and Switzerland, according to the CIA's world fact book.

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.

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Past year its sales hit $229bn, with profits of $48.4bn, making it the most profitable listed United States company. "A clean beat on the path to $1 trillion".

Apple's market milestone represents a remarkable turnaround for a company that was teetering on the brink of bankruptcy in the late 1990s, just before the return of visionary co-founder Steve Jobs.

Adjusted for splits, Apple's stock price has risen almost 40,000% since its initial public offering in 1980.

Amazon, Google owner Alphabet and Microsoft have all rallied to near record highs this year, too.

Even with its US$1,000,000,000,000 stock market value, many analysts do not view Apple's shares as expensive.

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