Apple becomes first $1 trillion US company

Apple becomes first $1 trillion US company

We'll obviously know more about Apple's plans when it decides to share them with us next month, but with more and more information starting to find its way into the public domain it's looking increasingly unlikely that there will be too many surprises come announcement day. 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 the more than four decades since Steve Jobs founded the company in a California garage, Apple has become almost synonymous with personal computing and mobile devices.

But Cook has gradually won accolades from investors by pumping out a series of solid financial results and further spreading Apple's products to China and other foreign markets. Amazon had the second-largest U.S. market cap as of Wednesday, at roughly $872.5 billion. 'Still see upside'Jeff Carbone, co-founder of Cornerstone Financial Partners in Charlotte, North Carolina, has included Apple in his clients' portfolios for about a decade. Apple said it now has 4.83 billion shares outstanding.

Wall Street's optimism about last year's 10th anniversary iPhone, coupled with record share buybacks, have propelled Apple's stock 34 percent higher over the past 12 months, pushing the company's stock market value above $1 trillion on Thursday.

Now, the non-hardware services category is fuelling Apple's continued growth.

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The market cap is the company's total market value, calculated by multiplying the value of its stock times all shares outstanding.

Now we can only hope that Apple has an iPad, Apple Watch, or MacBook Air update up its sleeve to keep things interesting.

After initially offering its stock at $22 per share on December 12, 1980, Apple closed around $29 a share, or about $0.02 after adjusting for stock splits and dividends, according to data from Yahoo Finance. In 2015, Apple joined the Dow Jones Industrial Average, one of capitalism's most exclusive clubs. In 2007, Chinese government-controlled PetroChina briefly reached a stock market value of about $1.1 trillion following its public listing in Shanghai.

Amazon is now the second-largest publicly-listed US company, with a market capitalization of $889 billion, followed closely by Alphabet and Microsoft, at $856 billion and $830 billion respectively.

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