THE BIG APPLE
Apple becomes the world’s first TRILLION dollar company as stocks surge
The tech giant's stock jumped as high as $207.05 following a decade-long rise fueled by the iPhone
APPLE has become the world's first TRILLION dollar company today as stocks surged.
The tech giant's stock jumped 2.8 percent to as high as $207.05 following a decade-long rise fueled by the iPhone.
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Started in the garage of co-founder Steve Jobs in 1976, Apple has changed how consumers connect with one another and how businesses conduct daily commerce.
The Silicon Valley stalwart's stock has surged more than 50,000 percent since its 1980 initial public offering.
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.
In 2006, the year before the iPhone launch, Apple generated less than $20 billion in sales and net profit just shy of $2 billion.
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By last year, its sales had grown more than 11-fold to $229 billion - the fourth highest in the S&P 500.
Its net income had mushroomed at twice that rate to $48.4 billion, making it the most profitable publicly-listed U.S. company.
One of five U.S. companies since the 1980s to take a turn as Wall Street's largest company by market capitalization, Apple could lose its lead to the likes of Alphabet Inc or Amazon.com Inc if it does not find a major new product or service as demand for smartphones loses steam.
Early Apple shareholder Donna Fenn thrilled as company becomes first to have with a $1 trillion market value
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