Apple hits $1 trillion stock market valuation

Virginia Carson
August 2, 2018

Elsewhere Saudi Aramco, the state-owned oil company of Saudi Arabia, has reportedly been eyeing a public offering that could value it near $2 trillion, but the listing has been mired with delays.

The milestone comes a day after Apple reported blockbuster quarterly earnings. On Tuesday, the company said Apple Services - which includes things like the App Store and Apple Music - saw a 31% jump in revenue.

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He will also have to contend with the same issue as many of his predecessors: how to maintain a balance of power in civil-military relations.

A company's market cap is calculated by multiplying the number of shares outstanding by its stock's share price. Apple announced $100 billion in stock buybacks on May 1, the largest repurchase ever by a US public company.

Its shares then hit a record high of $207.05, crowning a decade-long rise fueled by the ubiquitous iPhone that transformed it from a niche player in personal computers into a global powerhouse spanning entertainment and communications.

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Companies including General Motors (NYSE:GM) are citing higher prices for steel and aluminum, as impacting their business. Economists in a Reuters poll earlier this week predicted that growth will slow notably from here.

Previous year its sales hit $229bn, with profits of $48.4bn, making it the most profitable listed U.S. company.

Apple Chief Executive Tim Cook has a trillion reasons to smile. Amazon is worth almost $900 billion while Google and Microsoft are each now worth more than $800 billion. Its net cash stood at $129 billion, according to Moody's analyst Stephen Sohn.

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No policy changes came out of the summit, Mattis said on Friday, adding he had also not been given new direction on Syria. On Friday afternoon, Trump will convene a National Security Council meeting devoted to the issue of election security.

Apple's market milestone represents a remarkable turnaround for a company that was teetering on the brink of bankruptcy in the late 1990s, just before the return of visionary co-founder Steve Jobs. PetroChina stock soon crashed to earth, losing an astounding $800 billion for shareholders in what Bloomberg News calls "the biggest stock slump in world history".

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