Apple Reaches the $1 Trillion Mark

Apple has become the first US public company to reach the $1 trillion market capitalization. In early August, the shares of the tech giant climbed to 2.9% and closed at $207.39 per share—a figure that surpassed investors’ target of $203.45 per share. The increase in shares took place following Apple’s report on its strong earnings for the third quarter. The $1 trillion mark is a milestone for Apple because the trillion range is usually attained only by national governments. For instance, the 2018 US government’s budget includes a forecasted revenue of $3.6 trillion and a total spending of $4 trillion. Dan Ives, an analyst from marketing insights firm GBH Insights, perceives the victory as an opportunity for Apple to further grow and become more lucrative. Apple’s achievement is also considered a win for the company’s CEO, Tim Cook. Critics doubted Cook’s capabilities when he took over the tech giant in 2011 after former CEO Steve Jobs resigned due to health reasons. However, investors finally acknowledged Cook’s progressive leadership as the company displayed strong financial results worldwide, even in China where the competition is tight. Despite its victory, Apple was defeated by Chinese tech company Huawei / ˈhwɑːweɪ / as the second-biggest smartphone developer after Korean tech giant Samsung, which maintained its top spot. Only Huawei was able to outperform one of the top two smartphone developers after seven years. Huawei’s success is attributed to its increasing European market share. Nevertheless, experts predict that Apple will once again surpass Huawei, and maybe Samsung, after new product releases in a few quarters.