Apple Becomes World's 1st Private-Sector Company Worth $1 Trillion

Apple logo is seen on the outside of Bill Graham Civic Auditorium in San Francisco California.—AFP

Apple logo is seen on the outside of Bill Graham Civic Auditorium in San Francisco California.—AFP

Apple became the first company to ever reach a $1 trillion market cap on Wednesday as its share price soared to $207.39.

The iPhone maker's market capitalisation reached the figure in afternoon trading in NY as its shares rose above $207.

Last year, sales had risen to $229bn and profits to $48.4bn, making it the most profitable public-listed U.S. company.

While Apple is without any doubts ahead of other US-based high-tech companies in terms of market cap, it is not the world's most expensive firm per se.

In 2006, the year before the iPhone launch, Apple generated less than $20 billion in sales and net profit just shy of $2 billion.

Technology companies like Apple, Amazon and Alphabet-the parent company of Google-appear to have taken the lead in high market value. As HuffPost reporter Emily Peck tweeted: "Did Apple get to $1 trillion through sheer innovation and ingenuity?" Now that is something we're not surprised out - they bring a new one out for every occasion. Mr Jobs passed away in 2011 and his legacy lives on in every Apple product.

The symbolic stock market accomplishment is a "natural result" given Apple's winning steps, and is "certainly not the finish line", Creative Strategies analyst Carolina Milanesi reasoned in an AFP interview.

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In an email to Apple employees, obtained by BuzzFeed, Cook insists that the company has so much more to be proud of.

Billions of dollars that Apple has been spending to buy back shares was thought to have helped propel the company past the one-trillion-dollar mark for market value.

True, Apple's earnings growth rate is slowing down. Apple on the other hand is the first non-state-owned company to reach this stratospheric valuation on its own merits without implicit government guarantees or backing.

It would appear that, in the stewardship of Apple, Cook is following in the footsteps of the late and much revered Jobs; a heartening tale of good cop/good cop, incorruptible by even unprecedented amounts of money.

The first company to hit $10 billion in market capitalization.

And in 5 years maybe Canada will be worth less than the company that sold you your phone.

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