Apple became the first publicly traded American company to reach a trillion-dollar market capitalization on August 2, when its share price surged following the announcement of record second-quarter financial results.
The stock has risen more than 21 per cent this year and an eye-watering 50,000 per cent since it became a public company in 1980.
Apple's huge growth, is largely thanks to the introduction of its portable devices, in 2001, when the iPod was launched the firm was valued at just $6 billion, this propelled the firm to $106 billion by the time iPhone was introduced.More news: New Zealand Says No to Resuming Tours of Pakistan
And in 5 years maybe Canada will be worth less than the company that sold you your phone. Amazon had the second-largest USA market cap as of Wednesday, at roughly $872.5 billion.
Apple said it expects revenue of $60 billion to $62 billion for the fiscal fourth quarter that ends in September 30.
But Cook has gradually won accolades from investors by pumping out a series of solid financial results and spreading Apple's products to China and other foreign markets.More news: Drake To Serve As Executive Producer On New HBO, A24 Series ‘Euphoria’
The iPhone transformed Apple's fortunes. Just months away from his death, Jobs officially handed off the CEO reins to Cook in August 2011.
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. That also means the actual number of Apple shares may have fallen further since July 20, but most market observers go with the number reported in the 10-Q quarterly financial reports filed with the SEC. On Thursday, Amazon's market capitalization was around $874 billion. Depending on who is doing calculations, the valuation of Saudi Aramco state-controlled oil and gas company is between $1.2 billion and $1.5 billion.
"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.More news: New search for missing Iowa student
Mega-cap tech giants like Amazon, Microsoft, and Google's parent, Alphabet, were also in the race to $1 trillion, but none could beat Apple in the end.