Apple first US company to hit $1 trillion market value
Apple Shares hit the $1 trillion market value milestone on Thursday 2nd August 2018. The stock briefly hit the $207.05 per share price that was needed to bring it to the $1 trillion mark before retreating.
The shares have soared after reporting better-than-expected quarterly earnings on Tuesday after the bell. The stock leapt 5.9 per cent on Wednesday and reached the milestone today.
Apple which employs 120, 000 staff, is the first publicly-traded US company to hit a $ 1trillion market capitalisation. Apple revealed an adjusted outstanding share count of 4, 829, 926,000 according to the company’s June quarter result. Market value is stock price times shares outstanding.
Apple’s $1 trillion valuation is on par with the GDP of Indonesia, the 16th-largest economy in the world. Started in co-founder Steve Job’s garage in1976, Apple’s revenue has surpassed the economic outputs of countries including Portugal and New Zealand.
Apple’s journey from rags to $1 trillion market valuation, is roughly worth two times of Facebook, seven times of Netflix and 42 times of Twitter. Apple was on the verge of bankruptcy in 1997 when its stock traded below $1.