NEW YORK—$1,000,000,000,000. 12 zeros. Apple is on pace to become the 1st trillion-dollar company after its market value was estimated at $908 billion.
The increase in value also comes only a week after Warren Buffett announced his company Berkshire Hathaway had purchased an additional 75 millions 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 05/14/18, an 8% increase. Whoever made the call on that just cashed in big time.
But this news should not come as a surprise to those who have been following Apple. New innovations such are iPhoneX 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 advances in technology which allow for face recognition and a high definition camera that allows for stellar photographs and films. Other new innovations include the Airpods (wireless headphones), a new and improved iPad and wireless charging, which allows for multiple Apple products to be charged simultaneously on a wireless device.
On Sunday 05/06/18, Apple CEO Tim Cook tweeted that the company was celebrating the 20th anniversary of the unveiling of the iMac when Co-founder Steve Jobs famously displayed the blue transparent computer to the world for the 1st time.
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
Yet, few could have imagined at that time that Apple would be in the state that it is today. When Jobs was asked to become the CEO of the company once again in 1997, after having been ousted year earlier, Apple was on the brink of bankruptcy. In a CNBC interview when Jobs returned to the company, he was asked about Apple’s financial situation at the time. He said, “If you do the right things on the top line, the bottom line will follow.” The top line being, of course, the people that are hired and the culture created by the company. The people and culture would go on to revolutionize the computer industry as well as the music industry. 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 and loyal customers, the bottom line also grew. The top line seems to be doing pretty well, because in the bottom line, the proof is in the pudding.
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.” Apple was not the 1st company to create a desktop or laptop computer, neither were they the 1st to create a mobile phone, but their products continue to grab the attention of consumers because of their simplicity and high quality standard.
Looking back at those words that Jobs said now, the top line seems to be doing pretty well, because in the bottom line the proof is in the pudding.