SAN FRANCISCO: Apple Inc became the first $1 trillion publicly listed US company on Thursday, crowning a decade-long rise fuelled by its iPhone that transformed it from a niche player in personal computers into a global powerhouse spanning entertainment and communications.
The stock jumped 2.8 per cent, bringing its gain to about 9 per cent since Tuesday when it reported June-quarter results above expectations and said it bought back $20 billion of its own shares. Started in the garage of co-founder Steve Jobs in 1976, Apple has pushed its revenue beyond the outputs of Portugal, New Zealand and other countries.
The stock has surged more than 50,000 per cent since its 1980 initial public offering, dwarfing the S&P 500’s approximately 2,000 per cent increase during four decades.
One of five US companies since the 1980s to take a turn as Wall Street’s largest company by market capitalisation, Apple could lose its lead to the likes of Alphabet or Amazon if it does not find a major new product or service as demand for smartphones loses steam.
— Reuters
Oman Observer is now on the WhatsApp channel. Click here
