Apple becomes the first trillion-dollar US company

Apple becomes the first trillion-dollar US company

Apple has beaten the likes of Microsoft and Amazon to become the first US public company to reach the value of $1 trillion (£767bn). The tech giant’s market value reached the milestone figure in New York yesterday (August 2) with its shares closing at a record high of $207.39.

The news comes on the back of Apple reporting record results for Q3 of $9.55 billion (£7.28bn) for its services division (which includes digital music), earlier in the week. Services grew 31% year-on-year. 

The company posted overall quarterly revenue of $53.3bn (£40.68bn), an increase of 17% from 2017’s Q3, while profit was up 32% to $11.52bn (£8.79bn). International sales accounted for 60% of the quarter’s revenue.

Speaking about the Q3 results, Apple CEO Tim Cook said: “We’re thrilled to report Apple’s best June quarter ever, and our fourth consecutive quarter of double-digit revenue growth. Our Q3 results were driven by continued strong sales of iPhone, Services, and Wearables, and we are very excited about the products and services in our pipeline.”

 

 

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