Home   >   News

Apple becomes first public company worth $1 trillion

The iPhone manufacturer hit the market value on Thursday
Apple becomes first public company worth $1 trillion

Apple has become the first public company to surpass a $1 trillion valuation.

The iPhone manufacturer hit the milestone on Thursday as stock soared following its financial results for the three months ending June 2018.

Apple posted quarterly revenue of $53.3 billion, which is an increase of 17 per cent year-on-year. International sales meanwhile up 60 per cent of the quarter’s revenue.

Quarterly earnings per diluted share meanwhile were up 40 per cent to $2.34 and profit came in at $11.5 billion.

“We’re thrilled to report Apple’s best June quarter ever, and our fourth consecutive quarter of double-digit revenue growth,” said Apple CEO Tim Cook.

“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.”

Lucrative history

According to the BBC, Apple shares have soared by 1,100 per cent since the iPhone first went on sale back in 2007, with its value jumping almost a third in the past year alone.

Moreover, since the company first listed back in 1980, shares have leapt up by 50,000 per cent.

The news comes as Apple said it would be ending the App Store affiliate programme, which gave websites and other platforms a cut of Apple’s revenue for referral links that resulted in a sale.

In a newsletter the company said that from October 1st 2018 all commissions for iOS and Mac apps and in-app content will be removed.

Apple pointed to the launch of the new App Store on both iOS and macOS and their “increased methods of app discovery” as the reason for ending the scheme on the App Store.

Apple has declined to comment on the matter further.