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Apple passes trillion-dollar mark

AAP  |  03 Aug 2018Text size  Decrease  Increase  |  
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The tech company's stock jumped 2.9 per cent to end the day on Thursday at $US207.39, giving it a market capitalisation of $US1.002 trillion. During the session, Apple's stock market value reached as much as $US1.006 trillion.

Apple has rallied about 9 per cent since Tuesday, when it reported June-quarter results above expectations and said it bought back $US20 billion of its own shares. It was Apple's best-two-day run since April 2014.

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Apple has evolved from selling personal computers to becoming an architect of the mobile revolution

Started in the garage of co-founder Steve Jobs in 1976, Apple has pushed its revenue beyond the economic outputs of Portugal, New Zealand and other countries. Along the way, it has changed how consumers connect with one another and how businesses conduct daily commerce.

Apple's stock market value is greater than the combined capitalisation of Exxon Mobil, Procter & Gamble and AT&T. It now accounts for 4 per cent of the S&P 500.

The Silicon Valley stalwart's stock has surged more than 50,000 per cent since its 1980 initial public offering, dwarfing the S&P 500's approximately 2000-per cent increase during the same almost four decades.

One of three founders, Jobs was driven out of Apple in the mid-1980s, only to return a decade later and rescue the computer company from near bankruptcy.

He launched the iPhone in 2007, dropping "Computer" from Apple's name and super-charging the cellphone industry, catching Microsoft Corp, Intel Corp, Samsung Electronics and Nokia off guard. That put Apple on a path to overtake Exxon Mobil in 2011 as the largest US company by market value.

During that time, Apple evolved from selling Mac personal computers to becoming an architect of the mobile revolution with a cult-like following.

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.

 

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