After a record financial quarter—and expectations of new iPhones in the fall—investors briefly pushed Apple’s market capitalization over $1 tn today (Aug. 2). Apple tallied a record $53.3 billion in revenue for the last quarter, and made $11.5billion in profit—a 32% increase in profit over the same quarter last year. This was during the quarter that’s seen as “slow,” as it falls before the season when Apple typically releases a slate of new products.
While an American company had never been valued at $1 trillion, Apple is not the first in the world to cross this milestone—Chinese oil company PetroChina hit $1tn in market cap in 2007. (It has since crashed and lost 80% of its valuation.) Privately held Aramco, the Saudi oil giant, valued at $2 trillion by investors, is not yet listed publicly.
Another way to attempt to show how massive an amount the number one trillion represents, consider that the average apple picker in the US picks about 15,500 lbs of apples per day. To pick 1 trillion pounds, it would take about 176,756 years.
Apple Inc. became the first U.S. listed company to reach a $1 trillion market capitalization on Thursday. Apple shares AAPL,-0.71% closed at $207.39, above the $207.04 threshold needed for Apple to officially hit the trillion-dollar mark. That’s based on its most up-to-date share count of $4.83 bn as of July 20. The current market-cap calculations assume that Apple’s share count hasn’t budged since that date, though that’s unlikely given the company’s rapid pace of share buybacks…read more.
The total market capitalization of stocks listed on The Nigerian Stock Exchange at yesterday’s market close was $43.83bndollars (CBN official rate).