That’s a lot of zeroes
On Thursday, Apple officially became the first American public company to reach $1 trillion in value. Their stock rose over $207 on the day, allowing the company to cross that milestone.
Apple’s shares jumped on Wednesday after their earnings report exceeded expectations, which caused the climb. This stems from the success of iPhone 8 and X sales as well as the increasing popularity of the App Store. Plus, they benefit from high consumer confidence and increasing popularity of technology among investors.
The only other publicly traded company to cross the same mark is oil mogul PetroChina, which reached the milestone in 2007 – however, they have now dipped down to just over $200 billion. However, other firms are close to reaching the mark as well.
Amazon is worth $900 billion currently, and Google and Microsoft fall just behind at roughly $800 billion. If Amazon continues on its current trajectory, it will surely pass that mark soon. Google and Microsoft have some work to do, but they are also excelling with their emphases on cloud computing and machine learning.
Some critics argue that Apple will need to add more products to continue on this growth rate, but that’s not a certain fact yet. Their various iPhones have been raking in sales and, consequently, investors – if it’s not broken, don’t fix it, right? However, they may need to roll out something revolutionary, as they have already lost the second largest smartphone seller position to Huawei.
Nonetheless, this is a milestone certainly worth celebrating for Apple, its investors, its executives, and its employees.