That’s a lot of zeroes

 

On Thursday, Apple officially became the first American public company to reach $1 trillion in value. The company’s stock rose over $207 on Thursday, allowing Apple to cross this milestone.

Apple’s shares jumped on Wednesday after their earnings report exceeded expectations, which caused the climb. This stems from the success of iPhone 8 and X sales, as well as the increasing popularity of the App Store. The company has also benefited from high consumer confidence and increasing popularity of technology among investors.

The only other publicly-traded company to cross the same mark is oil mogul PetroChina, which reached the milestone in 2007. However, PetroChina has now dipped down to just over $200 billion. However, other firms are close to reaching the mark as well.

Amazon is worth $900 billion currently, and Google and Microsoft are just behind at roughly $800 billion. If Amazon continues on its current trajectory, it will surely pass that mark soon. Google and Microsoft have some work to do, but they are also excelling with their emphases on cloud computing and machine learning.

Some critics have argued that Apple will need to add more products to continue this growth rate. However, this is not yet certain. Various iPhone models have been raking in sales and, consequently, so have the company’s investors. If it’s not broken, don’t fix it, right? However, Apple may need to roll out something revolutionary, as the company has already lost the second largest smartphone seller position to Huawei.

Nonetheless, this is a milestone certainly worth celebrating for Apple, its investors, its executives, and its employees.

Featured Image via Wikipedia