Apple becomes first USA company to crack US$1 trillion market cap


The price of Apple moved above $207.04 and in the process, took the market capitalization to $1 trillion. The price gave the stock a market value of $1,001,678,000,000 - or $1.002 trillion rounded up.

Wall Street thinks Apple could go even higher. But when Apple bought NeXT in 1997, the company Jobs worked on in his absence from Apple, he returned to the company he co-founded and helped it restructure.

One of three founders, Jobs was driven out of Apple in the mid-1980s, only to return a decade later and rescue the computer company from near bankruptcy.

Mr Jobs died in 2011 and was succeeded as chief executive by Tim Cook.

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Although Apple has yet to produce another mass-market sensation since that changing of the guard, Cook has leveraged the legacy that Jobs left behind to stunning heights. "Our business performed extremely well during the March quarter, as we grew earnings per share by 30 percent and generated over $15 billion in operating cash flow", said Maestri in the firm's statement. Four months have passed by swiftly and it seems Amazon, Google and Microsoft are now competing for second place as Apple have completed the race.

But the phenomenal success of the iPhone led competitors to mirror certain features like touch-screens featuring rows of colorful icons - and prompted Apple to pursue those competitors in court. Since then 18 different iPhones have been launched and more than 1.2bn of the devices have been sold. 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.

But this isn't another tale of Apple's impossible-to-believe profit power, because Apple isn't the powerhouse that it used to be.

Apple came of age of age at such a speed that it surpassed a giant like Exxon, which is still a very profitable oil company. USA crude rose $1.30, or 1.9 per cent, to $68.96 a barrel. On Tuesday, the company said Apple Services, which includes things like the App Store and Apple Music, saw a 31% jump in revenue. They probably wouldn't have been possible without Apple's partnerships with manufacturers in China, which have allowed the company to make billions of devices while keeping tight control over its products and making them affordable for consumers.