Apple Becomes World’s First Trillion-Dollar Company

Apple Becomes World’s First Trillion-Dollar Company

His ignominious departure came after losing a power struggle with John Sculley, a former Pepsico executive who he recruited to become Apple's CEO in 1983 - seven years after he and his geeky friend Steve Wozniak teamed up to start the company with the administrative help of Ronald Wayne. Along the way, it has changed how consumers connect with one another and how businesses conduct daily commerce.

At press time Apple's stock cost $206.90 and its market capitalization was $1.017 trillion. It now accounts for 4 percent of the S&P 500 stock index.

Independent technology analyst Rob Enderle said Apple's trillion-dollar valuation defied financial trends in recent quarters and potential defeat in a legal battle with Qualcomm over mobile chips.

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The tech company, launched from a garage in 1976, has been on a steady climb through the years, revolutionizing personal computers and phones with its Macs and iPhones. Companies typically do so when they consider their stock to be undervalued-or to return funding to investors. PetroChina (PTR), the Chinese oil giant, topped the trillion-dollar mark on its first day of trading in 2007, but the stock collapsed soon thereafter. Apple said it now has 4.83 billion shares outstanding. "We're just waiting for tomorrow's payrolls", said Tom Simons, money market economist at Jefferies in NY. Apple is now up more than 20% this year. Apple also forecast a strong fourth quarter, posting a revenue guidance of between $60 and $62 billion. According to Walter Isaacson's 2011 biography, Jobs was "frequently obnoxious, rude, selfish, and nasty to other people", which the "polite to a fault" Sculley disliked. Shares of Apple this week traded at about 15 times expected earnings, compared to Amazon at 82 times earnings and Microsoft at 25 times earnings.

The tech giant's stock jumped 2.8% to as high as $207.05 in afternoon trading in NY. Since 1980, IBM, Exxon Mobil, General Electric and Microsoft have also alternated as the largest publicly listed US company.

With the company pretty much taking over the world with the iPod and several subsequent revolutionary products, it's no surprise that they have just become the first publically-traded company to be valued at over $1 trillion. The company's various services such as Apple Music, iCloud and Apple Pay now represent $9.6 billion in revenue.

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