Apple Becomes First Public Company Worth $1 Trillion

The New York Times reports:

In 1997, Apple was on the ropes. The Silicon Valley pioneer was being decimated by Microsoft and its many partners in the personal-computer market. It had just cut a third of its work force, and it was about 90 days from going broke, Apple’s late co-founder, Steve Jobs, later said.

On Thursday, Apple became worth more than $1 trillion when the price of its shares climbed to $207.05, 2 days after the company announced the latest in a series of remarkably profitable quarters.

Apple’s ascent from the brink of bankruptcy to the world’s most valuable company has been a business tour de force, marked by rapid innovation, a series of smash-hit products and the creation of a sophisticated, globe-spanning supply chain that keeps costs down while producing enormous volumes of cutting-edge devices.

BREAKING: Apple becomes first publicly traded company to be worth $1 trillion. https://t.co/fRjnpMGcn6

— The Associated Press (@AP) August 2, 2018