Apple has just won the race to be the first one trillion dollars publicly traded tech company after it's share price passed $207.04 a share today. Unfortunately for Jeff Bezos, their evaluation stands at a measly $874 billion compared to Apple. However, Apple has always looked the most likely victor, as I noted in June: Apple is close to becoming the first United States company worth $1 trillion.
Apple's 12-month gain is far better than the S&P 500's 14 percent increase over the past year, but it pales beside Amazon's astounding 85 percent surge, propelled by the online retailer's and cloud computing heavyweight's scorchingly fast revenue and profit growth.
The milestone reached Thursday marks the latest triumph of a trend-setting company that two mavericks named Steve started in a Silicon Valley garage 42 years ago.
"Our strong business performance drove revenue growth in each of our geographic segments, net income of $11.5 billion, and operating cash flow of $14.5 billion", said Luca Maestri, Apple's CFO.
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The positive results and the steadily climbing stock prices can take the market cap of Amazon beyond the $1 Trillion mark in the next few weeks if not days.
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. That put Apple on a path to overtake Exxon Mobil in 2011 as the largest USA company by market value.
"And Apple really delivered when it announced second-quarter 2018 earnings on May 1".
Today's chart shows this milestone - as well as numerous ones before it - through a period of over 200 years of USA market history.
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But that calculus changed under the administration of President Donald Trump, who pushed Congress to pass a sweeping overhaul of the US tax code that includes a provision lowering this year's rate to 15.5 percent on profits coming back from overseas.
Jobs, who died in 2011, was succeeded as chief executive by Tim Cook, who has doubled the company's profits but struggled to develop a new product to replicate the society-altering success of the iPhone, which has seen sales taper off in recent years.
Daniel Morgan, portfolio manager at Synovus Trust in Atlanta, said Apple's lukewarm Friday was a temporary pause for the stock rather than a sign it could lose ground. If the stock price experiences a lot of correction due to market instability, Apple could easily lose its high valuation.
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China has also seen increased affluence among its consumers, which are quick to embrace innovative new technologies and services. The project is now codenamed as "Dragonfly" and would bring Google Search to China in the form of an Android app.
Though many investors consider Apple a hardware company, Jackson said most consumers have a different relationship with Apple's products.
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