Apple becomes first company to hit $1 trillion market cap

Apple Stock Buyback Tops $20B In Second Quarter

Apple's stock has climbed by 23 percent so far this year, compared to a 6 percent gain for the Standard & Poor's 500 index. The quarter ending in June was Apple's fourth consecutive one to see revenue growth in the double-digits, fueling investor excitement. Its operating costs have increased at twice the rate of revenue in the last five years, and the company doesn't detail why.

Steve Jobs once said that "innovation has nothing to do with how many R&D dollars you have".

It turns out that the high-priced iPhone X didn't turn off customers (unit sales were essentially flat year-over-year) as much as it raised the company's overall average selling prices.

Cook has leveraged the legacy that Jobs left behind to stunning heights.

The company, which was started in a garage in Palo Alto by Steve Jobs and Steve Wozniak in 1976, has transformed the way people communicate with its ubiquitous iPhone.

Apple isn't the first company in the world to hit a trillion-dollar market cap; Chinese oil and gas company PetroChina beat it to the punch by more than a decade. Recently, some of his older clients have bought Apple shares for their grandchildren. That came after a 5.9% surge a day earlier.

Apple is the first private sector company to reach this level. Apple is nearly worth more than Mexico's 2017 gross domestic product which was estimated at $1.142 trillion.

A Forrester analyst said of the company, "Whether they stand alone or are acquired, Apple as we know it is cooked". The ad that announced it, "1984", is considered one of the greatest ads of all time.

China-based Huawei took the second-place spot from Apple in a tightening global smartphone market during the second quarter of this year, according to the International Data Corporation. Jobs passed away in October, 2011. I still view Apple as a pretty small company, the way that we operate.

As mighty as Apple may seem now, economic and cultural forces can quickly shift the corporate pecking order. With his trademark uniform of a black turtleneck, blue jeans, and New Balance sneakers, he captivated keynote address audiences with his proclamations of the magnificence of new Apple products.

He launched the iPhone in 2007, dropping "Computer" from Apple's name and super-charging the cellphone industry, catching Microsoft Corp., Intel Corp., Samsung Electronics and Nokia off guard.

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