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Rediff.com  » Business » Apple becomes first US company to hit $1 trillion m-cap

Apple becomes first US company to hit $1 trillion m-cap

August 03, 2018 00:07 IST

Apple's stock rose 5.89 per cent to a record-high close of $201.50 on Wednesday following the company's better-than-expected quarterly results.

Apple has become the America's first publicly traded company to be valued at $1 trillion.

Apple's stock rose 5.89 per cent to a record-high close of $201.50 on Wednesday following the company's better-than-expected quarterly results.

 

According to a Financial Express report, at a whopping $244 billion, Apple's cash balance alone is higher than the combined market capitalisation of Reliance Industries and Tata Consultancy Services.

These are the only two $100 billion firms in India.

Apple reported strong sales of its flagship iPhones — responsible for roughly 60 per cent of its revenues.

Thanks to Apple Watch and AirPods earphones, the company's comparatively small wearables division has become a $10 billion annual business.

While Apple CEO Tim Cook downplayed the concerns about the potential impact of an ongoing trade war between China and the United States, it's worth nothing that the tech giant relies heavily on Chinese facilities to manufacture its products.

Apple was founded by Steve Jobs, Steve Wozniak, and Ronald Wayne in April 1976  in Cupertino, California.

Photograph: Mike Segar/Reuters

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