Economy

Apple is the first U.S. company worth $1 trillion (AAPL)

Apple is the first U.S. company worth $1 trillion (AAPL)

When it comes to the almost $1,000 iPhone X, Walkley notes that Apple is taking share from its primary premium-tier competitor Samsung.

Earlier this week, the company released its third-quarter earnings report.

Consider the plight of Exxon Mobil, which was the most valuable US company five years ago. They are up 22% so far this year. Apple had its initial public offering on December 12, 1980. "He would've come in the next day and said, 'How are we going to make lovely products?' I don't think it would change anything". Shares of the iPhone maker closed at $207.39 Thursday, lifting the company's market cap to about $1.001 trillion.

This makes Apple worth more than the economies of countries such as Saudi Arabia, Switzerland and Taiwan.

Apple's rise to a $US1 trillion market cap is also symbolic of the evolution of what kinds of companies are most valued by investors, and society at large.

April 1976: Jobs, Wozniak and Ronald Wayne create Apple Computer to sell an eponymous computer hand-built by Wozniak.

More news: China Urges US to 'Calm Down' in Trade Dispute

"Apple takes confidentiality and the protection of our intellectual property very seriously", the company said in response to an AFP query about the case. Jobs passed away in October, 2011. A boardroom battle resulted in Jobs' resignation from the company, and Apple began to falter. Cook insisted what Apple was doing was legal and in the best interest of shareholders, given the offshore money would have been subjected to a 35 percent tax rate had if it were brought back to the U.S.

"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". Apple have turned their brand into a culture and it's hard to hate on that.

Jobs was averse to debt, possibly a hangover from Apple's near-brush with bankruptcy. 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.

"They get the blue ribbon", said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama.

So, China? These products, especially the iPhone, profoundly changed personal technology and computing.

Cook took over as CEO in 2011 after Jobs died of pancreatic cancer. The launch of the original iPhone was a turning point for Apple, and the relatively new iPhone X continued that trend, fueling a stock increase of more than 30-percent over the past year.


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