Apple has become the first $1 trillion publicly listed USA company, crowning a decade-long rise fuelled by its ubiquitous iPhone that transformed it from a niche player in personal computers into a global powerhouse spanning entertainment and communications. The company estimated a healthy revenue stream of between $60 billion and $62 billion with low operating costs of just $7.95 billion to $8.05 billion.
April 1976: Jobs, Wozniak and Ronald Wayne create Apple Computer to sell an eponymous computer hand-built by Wozniak.
For what it's worth, Apple's trillion-dollar debut comes during one of the company's highest heights in terms of products. Also propelling Apple higher in recent months was Apple's announcement that it earmarked $100 billion for a new share repurchase program. Wall Street has been excited about the growing share of company revenue coming from its services segment, which includes app sales and Apple Music subscriptions.
In 2006, the year before the iPhone launch, Apple generated less than $20 billion in sales and net profit just shy of $2 billion.
Apple has what is considered the most devoted brand community in the world and its ad campaigns are legendary for personal touches that foster a deep loyalty among its customers. "Our business performed extremely well during the March quarter, as we grew earnings per share by 30 percent and generated over $15 billion in operating cash flow", said Maestri in the firm's statement.
This makes Apple worth more than the economies of countries such as Saudi Arabia, Switzerland and Taiwan.
Apart from Apple it seems Amazon is also expected to reach the $1 trillion mark soon.
Behind Apple are Amazon, Google parent Alphabet, Microsoft and Facebook.
Apple is the first private sector company to reach this level.
Last month, an ex-Apple engineer was charged in California with stealing trade secrets from a hush-hush self-driving auto technology project days before he quit to go to a Chinese start-up. Cook insisted what Apple was doing was legal and in the best interest of shareholders, given the offshore money would have been subjected to a 35 percent tax rate had if it were brought back to the U.S. Jobs returned and, with key lieutenants like design head Jony Ive and operations chief Tim Cook, saved Apple and turned it into the giant it is today.