Apple becomes world's first trillion dollar company

Customers walk past an Apple logo inside of an Apple store at Grand Central Station in New York

Customers walk past an Apple logo inside of an Apple store at Grand Central Station in New York U.S

In this April 30, 2015, file photo, Apple CEO Tim Cook responds to a question during a news conference at IBM Watson headquarters, in NY.

The iPhone is regarded as a seminal product for Apple's trajectory as a company; in 2006, the firm's sales were less than $20 billion, with profits of almost $2 billion.

Mr Jobs died in 2011 and was succeeded as chief executive by Tim Cook.

In the letter, Cook also credited Apple cofounder Steve Jobs for reversing the company's misfortunes. They're up 22 percent so far this year.

When the iPhone was introduced in 2007 it kicked off a smartphone revolution, leaving the giants of the mobile phone industry Nokia and Blackberry struggling for survival.

If Apple were a nation, it the world's seventeenth largest economy. "Given our confidence in Apple's future, we are very happy to announce that our Board has approved a new $100 billion share repurchase authorization and a 16 percent increase in our quarterly dividend", he added.

Moreover, Apple's bottom line is still largely determined by their sales.

The company has managed to notch higher revenues, even when iPhone sales fall shy of expectations due to a trend of Apple making more money off each handset.

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"This is a company that should be valued as a services business instead of a discreet product business, which is, as long as I can remember, how this company has been valued", he said in an interview Friday. State oil company PetroChina briefly broke the $1 trillion barrier in 2007 during its initial public offering, but has since dropped back down. "The fact that you just become a loyalist".

The first company to hit $10 million in market capitalization had a 20 year charter to start, and was championed by Alexander Hamilton.

True, Apple's earnings growth rate is slowing down.

How? Well, the iPhone has remained a symbol of wealth and prestige among China's growing middle-income, big city dwellers.

Apple first listed in 1980 and its stock has risen more than 50,000% since then. Apple is a trillion-dollar company because its innovation-driven profitability creates real value, not stock manipulation.

For those of us born before the turn of the millennium, it's probably hard to imagine a world without Coca-Cola signs somewhere along our local shopping streets.

Now, the non-hardware services category is fueling Apple's continued growth. Their whole brand is about humanising technology.

The trillion-dollar mark is, of course, arbitrary. "And Apple is just that - it's a complete ecosystem".

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