S&P 500, Nasdaq rise as Apple hits Dollars 1 trillion mark

S&P 500, Nasdaq rise as Apple hits Dollars 1 trillion mark

S&P 500, Nasdaq rise as Apple hits Dollars 1 trillion mark

Apple Inc became the first $1 trillion publicly listed US company on Thursday, crowning a decade-long rise fueled by its ubiquitous iPhone.

United States tech companies have cemented their position in the broader market, now making up the top five most valuable enterprises based on share prices. Apple also forecast a strong fourth quarter, posting a revenue guidance of between $60 and $62 billion.

"What a great day", said Kawasaki, referring to Jobs and his co-founder, Steve Wozniak. Apple has become the world's first company to be valued at $1 trillion, the financial fruit of tasteful technology that has redefined society since two mavericks named Steve started the company 42 years ago. In three months, Apple saw profits of $11.5 billion on $53.3 billion in sales. Wall Street has been excited about the growing share of company revenue coming from its services segment, which includes app sales and Apple Music subscriptions.

This much is certain: Apple wouldn't be atop the corporate kingdom without Jobs, who died October 2011. It was the company's strongest June quarter in history, bolstered by sales of the iPhone X (which retails at $999), wearables, and services.

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Apple's rise in recent years has signaled the strength of the technology industry. This valuation makes Apple more valuable than the GDP of all but 26 countries, according to data from the CIA Factbook.

Heck, Amazon.com (AMZN, $877 billion), Google parent Alphabet (GOOGL, $852 billion) and Microsoft (MSFT, $825 billion) aren't all that far behind the vaunted trillion-dollar level.

GBH Insights analyst Dan Ives discussed the milestone with CNBC saying: "I think it just speaks to just how powerful the Apple ecosystem has become over the last few decades".

"Tim and team have done a masterful job of continuing to develop Steve's vision while bringing operational and environmental excellence to every part of Apple's business to achieve their unheard-of scale while continuing to grow unprecedented margins in the consumer electronics business", Fadell said. Microsoft helps Apple survive with a $150 million investment.

Apart from Apple it seems Amazon is also expected to reach the $1 trillion mark soon.

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