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Apple is the world's first trillion dollar company

03 August 2018

Mr Jobs, who died in 2011 and was succeeded as chief executive by Tim Cook, oversaw the development of the iPhone, which transformed Apple's fortunes.

The computing and phone giant's shares traded at $207.05, valuing the company just over $1 trillion based on a share count performed on July 20. It became the first $900 billion company exactly nine months ago, on November 3, 2017.

On Tuesday, the firm reported second-quarter earnings that topped Wall Street expectations, and it sent shares surging by more than 5 percent on Wednesday, Business Insider reported. It is evident that the company branched into three new categories of products in the last eight years and while sales of Apple Watch and Beats products are increasing, Apple's corporate revenues are growing mainly because of higher iPhone selling prices, such as the iPhone X at $999.

In the firm's posted financial results for the fiscal 2018 third quarter, Apple revealed a 17% increased quarterly revenue from a year ago of $53.3 billion and 40% higher quarterly earnings per diluted share of $2.34.

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Started in the garage of co-founder Steve Jobs in 1976, Apple has pushed its revenue beyond the economic outputs of Portugal, New Zealand and other countries.

Mr Jobs eventually introduced such popular products as the iPod and iPhone that have driven Apple's rise. 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.

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"At the core, I think Apple's biggest revolution has been putting consumer experience first and making technology simple", said Creative Strategies analyst Carolina Milanesi. It also announced that it had used some of its huge pile of cash to buy back shares worth billions.

Apple faced another crisis when Jobs died in 2011 and investors anxious the company couldn't thrive without his intense, hands-on product-design leadership.

While Apple should do well in the near future, it is also true that share prices can go down as well as up.

As are Google and Microsoft, who are both valued at about $800 billion.

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Apple is the world's first trillion dollar company