On Thursday, Apple became the first publicly listed company in the US to be worth $1 trillion. Incredibly, Apple accounts for 4 % of the S&P 500 and its stock market value is larger than the combined market cap of AT&T, Procter & Gamble, and Exxon Mobil. After being rescued from bankruptcy by founder Steve Jobs, Apple has become the most valuable, publicly traded company in the world through rapid innovation and a remarkable ability to create popular products while using a cost effective, sophisticated global supply chain.
Apple was in a race with other technology giants Amazon, Alphabet and Microsoft to be the first US company to pass the trillion dollar mark. Tim Cook, in a memo to Apple employees, stated that reaching the trillion dollar mark was a "significant milestone" and referenced Apple founder Steve Jobs saying "Just as Steve always did in moments like this, we should all look forward to Apple’s bright future and the great work we’ll do together.”
The appreciation in Apple's stock came after the US company reported a strong fiscal third-quarter with results that were higher than analysts predicted. The technology giant attributed the results to high demand of its iPhone X and a 28% increase in the revenue of business services.
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