Technology report in mumnysite as apple leapfrog some giant companies to emerge as the finest and richest technology company in America. Today’s tech news.
With the new published Info on Forbes, Apple has become the first American company ever to be worth over $1 trillion. Recently, Shares of the iPhone maker closed at $207.39 Thursday, lifting the company’s market cap to about $1.001 trillion.
The company’s Shares rose to 3%
Find out below other Other tech giants have approached $1 trillion in market cap, but still lag behind Apple .
First on the list is Amazon, Amazon’s (AMZN, -1.13%) valuation stands at around $877 million, while Alphabet’s (GOOG, -0.87%) net worth is $851 million and Microsoft (MSFT, -0.35%) is worth about $822 million.
On the other end,Facebook (FB, -1.10%) was also in the hunt for a $1 trillion market cap, until a stock collapse last week dramatically cut the company’s market cap to $504 million as of Thursday’s trading.
However, the company to ever be worth $1 trillion was Petrochina , which reached the valuation briefly on its first day of trading, following its 2007 IPO.
Coincidentally, the peak matched with a Chinese stock-market bubble, and PetroChina’s shares would lose $800 billion in value over the next 10 years.
The great news is however questioned by some. In essence, Apple’s recent fortunes , by contrast, may seem brighter. Some market observers consider US tech stocks to be overvalued, but few think we’re in a bubble.
A company’s market cap is calculated by multiplying the number of shares outstanding by its stock’s share price.
From the recent quarterly report that Apple filed with the SEC on Wednesday, the company had 4,829,926,000 shares outstanding as of July 20, the most recent figure available.
Judging by the figure, Apple’s stock needed to reach $207.05 a share to be worth $1 trillion, which it did today.
Even as the Bloomberg pointed out, the number of shares outstanding has been falling about 1.3% per quarter as Apple buys back its shares. Companies typically do so when they consider their stock to be undervalued—or to return funding to investors.
That also means the actual number of Apple shares may have fallen further since July 20, but most market observers go with the number reported in the 10-Q quarterly financial reports filed with the SEC.
This is a by far a great news and even still coming after the company has put in the best effort to emerge as of the brightest technology company in the world.