Apple to Become World’s 1st Trillion Dollar Company
Apple is on pace to become the 1st trillion-dollar company after its market cap was valued at $908 billion.
The new iPhone X and iPhone 8 are big reasons for Apple’s success, with 52.2 million units sold in the 1st quarter, accounting for $38 billion in revenue. Consumers are pleased with the advances in technology, which allow for facial recognition and a high definition camera that allows for stellar photographs and videos, with the ability to edit video footage on the iPhone itself.
The increase in value also comes only a week after Warren Buffett announced his company Berkshire Hathaway had purchased 75 million shares of Apple stock in the 1st quarter, making it the company’s largest holding, according to Quartz. The stock was trading at $175 at the time of the purchase, and now stands at $188.15 as of May 14. That’s an 8% increase.
The iPhone X maker recently celebrated its 20th anniversary since the launch of its iMac, when then CEO Steve Jobs unveiled the transparent blue computer to the public.
20 years ago today, Steve introduced the world to iMac. It set Apple on a new course and forever changed the way people look at computers. pic.twitter.com/GbKno7YBHl
— Tim Cook (@tim_cook) May 6, 2018
Few could have imagined that Apple would be in this position today. In 1997, Apple was on the brink of bankruptcy. Steve Jobs, the founder of Apple, returned to the company that had ousted him. “If you do the right things on the top line, the bottom line will follow,” said Steve Jobs in a CNBC interview at the time.
With subsequent products like the iPod and iPad, MacBook and MacBook Air, Apple continued to inspire a generation with their “Think Different” culture. As their brand won over more and more loyal customers, the bottom line also grew.
But, if Apple’s past is any indication, don’t think that they will be in any hurry to achieve the trillion-dollar feat first. Current CEO Tim Cook once said at a Utah Tech Conference, “It doesn’t bother us that we are second, third, fourth or fifth if we still have the best.”