• News
  • Money

Apple becomes world's first public company worth $1 trillion

Apple becomes world's first public company worth $1 trillion

Apple has become the first trillion dollar company today after its stock price soared on the back of excellent financial results. Companies typically do so when they consider their stock to be undervalued-or to return funding to investors.

Wall Street loved it. Apple climbed almost 9 percent since the earnings report. According to a 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. Stock buybacks reduce the number of shares a company has on the open market, driving up the price of the remaining shares.

With a mountain of overseas cash freed up by last year's sweeping USA corporate tax cuts, Apple bought back a record $43 billion of its own shares in the first six months of 2018, and its report to the SEC suggested it has continued that program in recent weeks.

Apple's share price pulled it to $1 trillion in market capitalization on Thursday. Apple announced $100 billion in stock buybacks on May 1, the largest repurchase ever by a USA public company.

Apple said it expects revenue of $60 billion to $62 billion for the fiscal fourth quarter that ends in September 30.

Stock market veterans note that the first trillion-dollar public company - if only briefly - appears to have been PetroChina Co. PetroChina, which is also listed on the New York Stock Exchange, is now worth about $205 billion.

This is a breaking news story that is being updated by our reporters.

Leave Your Comment

Leave Your Comment


Latest News

  • Erdogan Slams 'Evangelist' US as Pastor's Detention Roils Ties

    Erdogan Slams 'Evangelist' US as Pastor's Detention Roils Ties

    USA officials, for their part, show no inclination to accede to their North Atlantic Treaty Organisation ally's demand, either. Language that calls for the release of Mr Brunson and others has also been included in a defence authorisation bill.
    Trump insists 'collusion is not a crime'

    Trump insists 'collusion is not a crime'

    Russian Federation has denied the finding of US intelligence agencies past year that it interfered to sway the election to Trump . The former NY mayor and federal prosecutor echoed a sentiment he expressed earlier in the day on " Fox and Friends ".

    Thieves steal priceless Swedish crown jewels in brazen heist

    It was a daring daytime heist involving crown jewels, a cathedral, a speedboat, and little in the way of clues, at least so far. The cathedral was closed today, and a grassy area by the jetty was cordoned off as police inspected the ground for clues.
  • Mourinho sends message to Martial: You don't always get what you want

    Mourinho sends message to Martial: You don't always get what you want

    Mata salvaged a draw with America in sweltering conditions in Phoenix, where the Red Devils looked to be facing defeat. But Herrera insists the 22-year-old is focused on the upcoming season, rather than speculation regarding his future.
    Trader Joe’s and Other Chains Involved in Massive Food Recall

    Trader Joe’s and Other Chains Involved in Massive Food Recall

    News of the recall comes a few months after McDonald's was linked to a cyclospora infection outbreak that began in May. A full list of the affected products is available here, and the product labels are available here.
    At least 3 killed in Zimbabwe post-election violence

    At least 3 killed in Zimbabwe post-election violence

    A man, who was bleeding from the mouth after being hit, said: "I was beaten by the soldiers, okay". "This is our government". A protester gestures toward police water cannons outside of the gates of the Zimbabwe Electoral Commission.
  • Paul Manafort trial: prosecutors seek to paint picture of luxe lifestyle

    Paul Manafort trial: prosecutors seek to paint picture of luxe lifestyle

    The proceedings, which could last weeks, kept the attention of President Donald Trump who defended his 2016 hiring of Manafort. Manafort is also charged in federal court in Washington with undisclosed foreign lobbying and money laundering.
    Facebook reveals new covert efforts to sway 2018 midterm elections

    Facebook reveals new covert efforts to sway 2018 midterm elections

    Facebook has discovered a coordinated attempt to influence the political landscape in the USA ahead of the midterm elections. The social media firm is rushing to prevent a repeat of the 2016 Russian interference in the upcoming midterm elections.
    For Big Mac's 50th anniversary, McDonald's is giving away free burgers

    For Big Mac's 50th anniversary, McDonald's is giving away free burgers

    The coins feature five unique designs, each representing a decade of the legendary sandwich. Over the course of its 50 year history, the Big Mac has become an ubiquitous global icon.
  • Trump to Sessions: end Russian Federation  probe 'right now'

    Trump to Sessions: end Russian Federation probe 'right now'

    Capone, the infamous gangster, was convicted of tax evasion and served most of the 1930s in prison before being paroled. Mr Trump has previously acknowledged it is "the saddest thing" that he is not supposed to meddle with the law agency.
    Trump Bashes 'Globalist' Koch Brothers as 'Total Joke'

    Trump Bashes 'Globalist' Koch Brothers as 'Total Joke'

    The Koch network campaigned heavily for passage of tax cuts that Trump signed into law past year and praised his judicial picks. Last month, the company was told that David Koch, 78, was stepping down because of his deteriorating health.
    North Korea reportedly building new ballistic missiles

    North Korea reportedly building new ballistic missiles

    It wasn't the first time Trump has suggested that China was relaxing pressure on North Korea amid the simmering trade dispute. But there is a broad consensus among US intelligence agencies that Kangson is one of at least two secret enrichment plants.
  • Pompeo to announce US  economic initiatives in 'Indo-Pacific'

    Pompeo to announce US economic initiatives in 'Indo-Pacific'

    He explained that the first initiative is the Digital Connectivity and Cybersecurity Partnership . Mr Pompeo said the Trump administration had a "clear vision" of the region into the 21 century.
    Priyanka Chopra to star alongside Chris Pratt in Cowboy Ninja Viking

    Priyanka Chopra to star alongside Chris Pratt in Cowboy Ninja Viking

    At the Vogue Beauty Awards, Kangana was quoted as saying, "I spoke to Priyanka the other day and I congratulated her". Priyanka was in Mumbai for the last couple of days to shoot for Shonali Bose's The Sky Is Pink with Farhan Akhtar.
    Man United promise to back Jose Mourinho in transfer market

    Man United promise to back Jose Mourinho in transfer market

    The problem for United has been signing the players they had identified from clubs who did not want to sell them. However, they ended it with a victory against the European champions.
  • Samsung Revenue Falls 4% in Q2

    Samsung Revenue Falls 4% in Q2

    Its semiconductor sector's operating profit will reach 13.57 trillion won and mobile division will post 2.6 trillion won. Revenue for the second quarter tallied 58.48 trillion won, down 4.1 percent on year and 3.4 percent on quarter.
    Man's legs amputated after dog's licks lead to infection, family says

    Man's legs amputated after dog's licks lead to infection, family says

    Her husband has a history of good health and spent his life around dogs, which is why it caught them off guard. A bacteria called Capnocytophaga canimorsus attacked Greg Manteufel quickly and aggressively.

    Manafort earned $60M from Ukrainian consulting work, prosecutors say

    As campaign chairman, Manafort was responsible for all aspects of Trump's White House bid, including shoring up delegate support. Ellis III offered some humorous encouragement to the jurors chosen for the trial, which is expected to last about three weeks.

Breaking News



Recommended

Cricket's Kohli says he has nothing to prove ahead of England tests

England won the one-day worldwide series between the teams 2-1 and lost the Twenty20 competition by the same margin this month. India are a fantastic team and are in all conditions now. "There are a few guys I have played with", said Buttler .

Tesla Earnings: Shares Rise 11% as Musk Apologizes for ‘Bad Manners’

Tesla ended the second quarter with US$2.78 billion in cash after spending US$609.8 million in quarterly capital expenses. Musk has been pushing his employees to produce cars at a feverish rate that threatens to burn out the whole operation.

Spy agencies suspect North Korea building new missiles

During his Senate testimony on July 25, Pompeo said that factories in North Korea "continue to produce fissile material ". The complex has a single, guarded entrance and features high-rise residential towers apparently used by workers.

Don't call dolphin hybrid spotted off Hawaii a 'wholphin'

Scientists who found the specimen tracked numerous species during a study off the island of Kauai a year ago . The hybrid, pictured again in the foreground, was fathered by a rough-toothed dolphin, scientists said.

David Luiz pledges his future to Chelsea after season in virtual exile

Luiz's prolonged absence from Conte's matchday squad in the second half of last season was publicly attributed to a knee injury. He belongs to Inter and the situation is hard , but is is clear that we are interested in good players.

Blueprints for 3D-printed guns could be available this week

The states sought a restraining order and an injunction to block the gun info from being posted on the internet. The State Department reversed course in late June, agreeing to allow Wilson to resume posting the blueprints.

Is Zidane Really Going To Replace Mourinho At Old Trafford?

In a post on Twitter , the French forward wrote: "Thank you all for your posts". Jose Mourinho's side beat Real Madrid 2-1 in Miami on Tuesday.

No charges against Minneapolis officers in black man's death

Blevins under those circumstances was authorized", said Freeman, adding that officers fired 14 shots and hit Blevins four times . Bob Kroll, the head of the police union, said the footage proved the two officers acted justifiably. "He didn't deserve to die".

European Union observer mission says Zimbabwe election falls short of credibility test

Biti, Zimbabwe's minister of finance from 2009 to 2013, accused Zanu-PF of trying to "manipulate" the results, called V11 forms. MDC Alliance's Tendai Biti said there was a clear attempt by Zanu-PF to interfere "with the people's will".

Whyte beats Parker on points in heavyweight fight

Whyte was hanging on but the bell came in time and he received a unanimous verdict from the judges - 113-112, 115-110 and 114-111. We just wanted to get the weight down to somewhere we could move, and be effective, and move as quick as I could.