Apple Makes History As The World's First $1 Trillion Company
Aug 04, 2018, 04:46
With a price/earnings ratio of 18, Apple is trading at an unbelievably low value compared to its industry peers. For them, superbig is automatically superbad.
And just for good measure, Apple repurchased $20 billion in stock during the quarter - $10 billion under its new $100 billion buyback program, and $10 billion under its prior authorization. But thanks to Tim Cook and Co's strong, Wall Street-beating results, the gap that Amazon has managed to shrink has widened - and, eventually, Amazon was beaten.
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.
You see, Apple's huge resources also give the company the ability to streamline its production - something the company has pursued aggressively for the previous year.
Of course that's just what happened.
As a supplier of the cutting-edge screens used on the iPhoneX, this supplier is on the front lines of the products that will drive Apple's growth - and profits. The story of Apple is really the story of modern capitalism doing what it does best: turning imagination into reality.
But for the generations that follow, the instantly recognisable eaten apple seems set (so far) to be one of the brands of the 21st Century. As a company gets bigger, its growth rate tends to slow down. Meanwhile earlier this morning Apple's stock hit $207.50, so it is likely that the company will stay around a $1 billion market cap mark in the coming hours or days before either heading north or south.
Apple is quite some ways from completely controlling the world though, to become richer than any country it would have to surpass the GDP of the United States, which is now sitting at 19.4 trillion dollars.
U.S. tech companies have cemented their position in the broader market, now making up the top five most valuable enterprises based on share prices.
In the letter, Cook also credited Apple cofounder Steve Jobs for reversing the company's misfortunes. Anxious that companies aren't spending enough on R&D?
The achievement was due to a solid financial quarter in which the company posted a record $53 billion revenue, and of course a long history of beating expectations despite constant predictions that the company has peaked.
Apple hit the US$1 trillion mark when its shares reached an all-time high of US$207.05 around midday in NY (4am NZT).
The feat was achieved momentarily by PetroChina in 2007, after a successful debut on the Shanghai Stock Exchange that same year.
Like that's automatically a bad thing. Since 2012 they bought back over $220B.
In 1985, Mr Jobs was famously ousted from the firm he founded after a falling out with chief executive John Scully.
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The yen climbed 0.1 percent to 110.92 per dollar from a more than six month trough of 113.15 touched earlier in July. FAANG group: Facebook FB.O , Amazon.com AMZN.O , Apple AAPL.O , Netflix NFLX.O and Google parent Alphabet GOOGL.O .
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