The Liberian Billboard Technology Desk- Apple has become the world’s first publicly traded company to be valued at $1 trillion. The milestone marks the financial fruit of stylish technology that has redefined society since the two mavericks named Steve started the company 42 years ago.
The peak reached Thursday seemed unimaginable in 1997 when Apple teetered on the edge of bankruptcy, with its stock trading for less than $1. to survive, Apple brought back its once-exiled so-founder, Steve Job, as interim CEO and turned to archrival Microsoft for a $150 million cash infusion to help pay its bills. Jobs eventually introduced popular products as the iPod and iPhone that have driven Apple’s rise. Apple shares rose 2.7 percent to an all-time high of $207.05 around midday. they are up 22 percent so far this year.
The tech company stock jumped 2.8 percent to as high as $207.05, bringing its gain to about 9 percent since Tuesday when it reported June-quarter results above expectations and said it bought back $20 billion of its own shares.
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. Along the way, it has changed how customers connect with one another and how business conduct daily commerce. the Sillicon valley stalwart’s stock surged more than 50,000 percent since its 1980 initial public offering, dwarfing the S&P 500s approximately 2,000 percent increase during the same almost four decades. During that time, Apple evolved from selling Mac personal computers to becoming an architect of the mobile revolution with a cult-like following. 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 iPhone, which has seen sales taper off in recent years.
in 2006, the year before the iPhone launch, Apple generated less than $20 billion in sales and net profit just shy of $2 billion. By last year, its sales had grown more than 11-fold to $229 billion – the fourth highest in the S&amP 500 – and net income had mushroomed at twice that rate to $48.4 billion, making it the most profitable publicly-listed U.S. company.
One of five U.S. companies since the 1980s to take a turn as Wall Street largest company by market capitalization, Apple could lose its lead to the likes of Alphabet ic or Amazon.com Inc if it dies not find a major new product or service as demand for smartphones loses steam.