Apple beats tech rivals to the $1 trillion mark

Apple beats tech rivals to the $1 trillion mark

Apple beats tech rivals to the $1 trillion mark

Launched on a shoestring budget in a Silicon Valley garage more than four decades ago, Apple survived a near-miss with bankruptcy before soaring to a trillion-dollar market value on Thursday.

Apple has become the world's first publicly traded company to be valued at $1 trillion.

The gap is telling and I don't bring it up to ridicule Zim companies but just to show the difference between companies that we consider big and a company that has just reached a trillion dollar valuation. It could cement customer loyalty to these brands, enhancing a perception of quality. That's because it failed to take into account an updated share count which meant that AAPL had to pass $207.05 to officially qualify for the $1 trillion mark.

It is selling fewer iPhones, but by releasing a more expensive version previous year, it is making more money per device. The company's various services such as Apple Music, iCloud and Apple Pay now represent $9.6 billion in revenue.

Amazon's in second place, with a market cap of $884.86 billion, and good ol' Google (well, Alphabet, technically) is in third at $854.49 billion. However, it may continue to remain or levelling around $ 1 trillion mark in the stock market.

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Stock markets are volatile, and a small but growing threat from Chinese smartphone makers might eat into Apple's margins in the coming years. Although it missed its target on unit sales of the iPhone, which has always been Apple's cash cow, a rise in the average selling price driven by the iPhone X saw revenues soar.

The race to a $1 trillion market cap - symbolic as it is - has been closely watched on Wall Street.

Other companies have come close to the mark, but no public USA company has hit a $1 trillion valuation.

Its shares have increased more than 2.5 per cent so far this afternoon, bolstered by positive quarterly results for the Cupertino company in which it smashed analyst expectations.

And Apple faces strong competition from other technology companies.

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