BusinessWeek Had The Best Joke About Apple Becoming A Trillion Dollar Company

Exchange Group offices are seen in the City of London Britain

Exchange Group offices are seen in the City of London Britain

Apple has become the first U.S. company to reach a market cap of over $1 trillion.

Today Apple Inc. surpassed the $1 trillion dollar mark in value, showing once again that it is the dominant force when it comes all the companies out there today. Those earnings beat Wall Street expectations on the top and bottom lines, but iPhone sales fell slightly short.

"We're thrilled to report Apple's best June quarter ever, and our fourth consecutive quarter of double-digit revenue growth", said Tim Cook, Apple's CEO in the firm's statement.

Amazon, Microsoft (MSFT.O) and Alphabet (GOOGL.O) are in a tight race to become the second US company to reach the $1 trillion milestone.

"The tendency of so many people in tech to presume an Apple product will fail because it makes choices that they wouldn't have made is one of Apple's greatest competitive advantages", Evans said in a missive fired off on Twitter.

How do you like them apples?

Cook's comments come after a stellar fiscal third quarter - the best in the company's history - in which Apple posted a revenue of $53.3 billion and net income of $11.5 billion.

The feat was achieved momentarily by PetroChina in 2007, after a successful debut on the Shanghai Stock Exchange that same year.

Last month, an ex-Apple engineer was charged in California with stealing trade secrets from a hush-hush self-driving vehicle technology project days before he quit to go to a Chinese start-up.

This meant that Apple shares had to reach $207.04 per share before breaking $1 trillion.

That compares with a (mere) 2,000% rise for the S&P 500 in the same period. It is now worth about $200 billion, according to Thomson Reuters data.

Part of the argument against a company hitting a trillion dollars in market value - and staying there - is finance's so-called law of large numbers. In addition, that is, to shepherding a decade-long succession of iconic products that transformed Apple from a technological boutique to a cultural phenomenon and moneymaking machine.

In the more than four decades since Steve Jobs founded the company in a California garage, Apple has become almost synonymous with personal computing and mobile devices.

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