Apple has become the first public company in the world to have a market cap of over $1 trillion. The Cupertino-based company crossed the magic milestone on Thursday (August 2, 2018) when its share price hit $207.05 after posting strong financial results.
A (Very) Brief History of Apple Inc.
Apple has a complicated history . It was founded by Steve Jobs and Steve Wozniak in 1976, and made its name selling personal computers. Jobs was ousted in 1985, after which he formed NeXT. Apple acquired NeXT in 1996, bringing Jobs back into the fold.
The 2000s saw the introduction of Mac OS X, the iPod, iTunes, and the iPhone. All of which helped the company blossom into the world-beating brand we know and (sometimes) love today. Jobs died in 2011, but the company has continued to grow under Tim Cook.
Apple Is Considerably Richer Than You
When Apple launched its IPO in 1980 its share price was $0.51. In 1985, when Jobs left the company, the share price dropped to just $0.27. In 2001, with the launch of the iPod, the share price rose to $1.30. And (minus a few blips) it has continued to rise ever since.
With its share price hitting $207.05, Apple became a trillion-dollar company 42 years after it was formed. And it’s pretty much all thanks to the iPhone. While sales have only grown by 1 percent, increased profit margins means revenue grew by 20 percent.
Amazon and Alphabet Are Closing In Fast
This is a special moment for Apple. And while the company’s share price may drop, taking the company’s market cap back below $1 trillion, this is still a remarkable achievement for a company whose fortunes have waxed and waned over the years.
Apple is highly likely to be joined in the trillion-dollar company club by Amazon and Alphabet (Google’s parent company) , both of which are closing in fast. And while the number is meaningless in the big scheme of things, it surely deserves a round of applause.
Image Credit: Marco Verch/Flickr