Race is on for second place after Apple's USD 1 trillion valuation

Why Apple is inches away from $1 trillion valuation

Why Apple is inches away from $1 trillion valuation

"It's one of those things that does not mean anything by itself... it's more a testimony of the importance of Apple on the market".

Let's take this moment to thank our customers, our suppliers and business partners, the Apple developer community, our coworkers and all those who came before us at this remarkable company.

Founded in 1976, the house of Steve Jobs now holds the trophy engraved with "the world's first 1 trillion dollar company" title. Despite a decent earnings report, though, Amazon ended up a few millions short and stabilized near $900 billion for most of the past week.

Today Apple passed a significant milestone. Apple's stock market value is greater than the combined capitalization of Exxon Mobil (XOM.N), Procter & Gamble (PG.N) and AT&T (T.N).

After a hectic week in trading, iPhone manufacturer Apple yesterday became the world's first $US1 trillion dollar company after shares closed above the threshold needed to reach the benchmark.

Apple's recent strength, on a technical basis, can be tied to a successful defense of support at its 50-week SMA in April (see chart below). While year-over-year iPhone sales increased by just 1% this past quarter, iPhone-based revenue jumped by a whopping 20%.

Apple became the first company with a US$1 trillion market cap on Thursday, and CEO Tim Cook marked the occasion with a memo to employees for helping reach the milestone. "Financial returns are simply the result of Apple's innovation, putting our products and customers first, and always staying true to our values".

With Apple's fiscal year ending in less than two months (on September 30), it's safe to predict that Cook will get a decent equity payout, although it's hard to say exactly how much. Apple's stock has climbed by 23 percent so far this year, compared to a 6 percent gain for the Standard & Poor's 500 index.

Though many investors consider Apple a hardware company, Jackson said most consumers have a different relationship with Apple's products.

"Steve founded Apple on the belief that the power of human creativity can solve even the biggest challenges - and that the people who are insane enough to think they can change the world are the ones who do".

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