Apple hits $1-trillion market valuation, 38 years after listing
But some suggest it could lose its lead to the likes of Alphabet or Amazon.com if it does not find a major new product, as demand for smartphones loses steam
San Francisco — Apple has become the first $1-trillion publicly listed US company.
This crowns a decade-long rise fuelled by its ubiquitous iPhone, which transformed it from a niche player in personal computers to a global powerhouse spanning entertainment and communications.
The tech company’s stock jumped 2.8% on Thursday, bringing its gain to about 9% since Tuesday, when it reported June quarter results above expectation and said it bought back $20bn of its own shares.
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.
The Silicon Valley stalwart’s stock has surged more than 50,000% since its 1980 initial public offering, dwarfing the S&P 500’s approximately 2,000% increase during the same 38 years.
One of five US companies since the 1980s to take a turn as Wall Street’s largest company by market capitalisation, Apple could lose its lead to the likes of Alphabet or Amazon.com if it does not find a major new product or service as demand for smartphones loses steam.