Economy

Apple Makes History As The World's First $1 Trillion Company

Apple Makes History As The World's First $1 Trillion Company

APPLE has become the world's first TRILLION dollar company today as stocks surged.

Jobs' vision, showmanship and sense of style propelled Apple's comeback.

As with other landmarks - such as the Dow crossing 25,000 for the first time -the Apple record is significant because of its resonance beyond the financial universe. Amazon is worth almost $900 billion while Google and Microsoft are each now worth more than $800 billion.

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.

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"Just as Steve always did in moments like this, we should all look forward to Apple's bright future and the great work we'll do together".

Consider the plight of Exxon Mobil, which was the most valuable US company five years ago.

"Steve founded Apple on the belief that the power of human creativity can solve even the biggest challenges - and that the people who are insane enough to think they can change the world are the ones who do", Cook wrote in the memo. The company's Chief Executive Officer Tim Cook, in a call with investors, touted the company's growth in sectors such as smart home products, wearables and services such as the App Store and Apple Pay, National Public Radio reported.

The peak reached on Thursday seemed unimaginable in 1997 when Apple teetered on the edge of bankruptcy, with its stock trading for less than $1.

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Robert Galbraith / Reuters Apple CEO Steve Jobs gestures during his unveiling of the iPhone 4 in San Francisco, Calif., June 7, 2010.

Cook hasn't escaped criticism, however. That company is now worth about $205 billion. The services division also had a stellar quarter, as Apple Music reportedly took over Spotify to be the number-one streaming service in the world. Microsoft helps Apple survive with a $150 million investment. USA crude rose $1.30, or 1.9 percent, to $68.96 a barrel.

Neowin mentioned a few days ago that Apple was likely to pass the $1 trillion threshold thanks to the huge $53.3 billion in revenues it made in the last quarter.

An intensifying trade dispute between the United States and China weighed on global stocks and bond yields on Thursday, but a rise in Apple shares took its valuation above a record $1 trillion and helped major U.S. indexes close in positive territory.

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