Apple CEO calls $1 trillion value a 'milestone' but not a focus

Apple CEO calls $1 trillion value a 'milestone' but not a focus

Apple CEO calls $1 trillion value a 'milestone' but not a focus

The Cupertino, California company's shares added another 0.3 percent on Friday, putting its market capitalization at $1.005 trillion. Despite a decent earnings report, though, Amazon ended up a few millions short and stabilized near $900 billion for most of the past week. Chinese oil company PetroChina reached a $1 trillion valuation in 2007 before seeing its value drop to around $260 billion during the global financial crisis of 2008. The $5.89 gain in the stock price on Thursday meant that Apple was worth $1,001,679,220,000.

Apple's recent strength, on a technical basis, can be tied to a successful defense of support at its 50-week SMA in April (see chart below). But for right now, Tim Cook has been riding the wave that Steve Jobs handed him in 2011 to new heights.

Amazon (AMZN.O), Microsoft (MSFT.O) and Alphabet (GOOGL.O) are locked in a tight race to become the second publicly-listed US company to reach a $1 trillion stock market value after Apple (AAPL.O) became the first to touch the 13-digit milestone.

While iPhone sales only grew by 1 percent and Mac sales did not grow at all, services like Apple Music and Apple Pay brought in $9.6 billion in revenue and grew that revenue by 20 percent.

An electronic screen displays the Apple Inc. logo on the exterior of the Nasdaq Market Site following the close of the day's trading session in New York City, New York, U.S., August 2, 2018. But he said it was "not the most important measure" of the company's success. For the past three years, growth of Apple shares has outstripped that of the S&P 500 index by 37 percent.

"Steve founded Apple on the belief that the power of human creativity can solve even the biggest challenges - and that the people who are insane enough to think they can change the world are the ones who do", Cook wrote in the memo.

Cook emphasized the company's innovation and principles make Apple one of the world's most valuable businesses.

He ended the letter writing: "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".

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