Apple has today become the world's first public company to be worth $1 trillion.
They got a boost from the corporate tax cut, which included a sweetener for companies with overseas cash to bring home, prompting Apple to more than double its spending on stock buybacks compared with a year ago, to $53.6 billion during the nine months through June 30. Those earnings beat Wall Street expectations on the top and bottom lines, but iPhone sales fell slightly short.
Here's a quick look at five of the biggest things that have helped make Apple the huge success story it is today.
Virtual assistant Siri is built into Apple devices, and the company boasts the most popular smart watch on the market.
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Apple's latest earnings release, dated July 31, called out record services revenue, which rose 31%, year over year, to $9.5 billion during the third fiscal quarter. Apple briefly hit the $1 trillion mark before falling back below it amid fast-moving trade.
"The markets are starting to recognize the value of its platform and services more and more, and that's what is being reflected in the increase in market capitalization", said Brad Neuman, director of Market Strategy at Alger, a growth equity asset management firm in New York City. The rise of Apple was brought forth by Steve Jobs' innovative products in the iPod, iPhone, and others, revolutionizing the way we view technology today. Apple shipped 41.3 million iPhones, claiming 12.1% of the global market compared to 20.9% for Samsung and 15.8% for Huawei.
Apple is not the first publicly traded company in the world to surpass the trillion dollar mark though. "Apple went from hip to has-been in just 19 years", wrote the publication at the time.
Some anti-tech activists will nearly surely use the historic achievement as further evidence that the tech titans need to be shackled with regulation or broken up into more manageable pieces.
It is now almost 10 times the value of each of India's two most valued companies, Tata Consultancy Services (TCS) and Reliance Industries Limited (RIL). It is now worth about $200 billion, according to Thomson Reuters data.
On Tuesday, the company said Apple Services, which includes things like the App Store and Apple Music, saw a 31% jump in revenue.