CUPERTINO, CA – Apple is not unfamiliar with rewriting history and Thursday was no different, as Apple officially reached a $1 Trillion market cap, making it the first ever global company to do so.
As Apple stock rose to $207.05 per share Thursday afternoon, Apple was officially award the title, before the price lowered to just under $207 shortly afterword. Apple ended the trading day strong however, closing at $207.39 per share.
The sudden surge in Apple’s stock value is a result of the company’s recent quarterly earnings conference call, where Apple announced they beat Wall Street expectations, generating over $53 billion in revenue over the last fiscal quarter, which sent the stock soaring by nearly 5 percent.
Officials on Wall Street believe Apple’s stock prices can rise even higher, potentially making the company’s market cap exceed the trillion-dollar mark, if prices can reach an estimated magic number of around $212.79 per share.
Apple hitting a net worth of $1 trillion is impressive by itself, but the story behind the struggles it took to get to this point, makes this an even more remarkable feat.
After surging into popularity in the 1980s as a result of the original Macintosh computer, the company fell into a hole of bad management and financial status during the turn of the next decade, which lead to the company nearly declaring total bankruptcy and shuddering its doors by 1997.
Steve Jobs returned to the company in 1997, bringing with him a group of very talented people to lead a mission to get Apple back to profitability. Many of these engineers and designers have been the brains behind some of Apple’s most successful products over the past two decades, such as iMac, iPod, iPhone and iPad, which all reshaped the industry in their respected classes.
The battle to become the first trillion-dollar company has been hard-fought. Many companies have entered the picture including Google parent Alphabet and Microsoft, leaving just Apple and Amazon to fight for the crown. In the end, Apple was untouchable and is now in the record books as the first company to be worth $1 trillion.