Friday, August 3, 2018

Apple Becomes First Publicly Traded Company To Hit $1 Trillion

Apple on Thursday became the first publicly traded U.S. company to be valued at $1 trillion, achieving the milestone when its stock hit $207.05 a share.

The milestone comes a day after Apple reported blockbuster quarterly earnings. The tech giant had relatively flat iPhone sales but increased its revenue thanks largely to higher-priced models including the iPhone X, with a list price of just under $1,000. The company also boosted its revenue from services, including Apple Music and the app store.
Although many have doubted Apple's staying power over the years, unlike many hardware makers the company has ridden the elegance and functionality of its devices. Under CEO Tim Cook, Apple also has embraced the internet, with its thriving services business helping propel the company toward the new milestone.