Apple makes history, becomes 1st private company worth $1 trillion

There is celebration the air at Apple as the company becomes the first private-sector company in history with a $1 trillion market value, they achieved all this despite recent cases of slowing sales, tariffs and suffocating regulation.

Apple makes history, becomes 1st private company worth $1 trillion

Apple’s success story started about 40 years ago in a family garage in Silicon Valley, ever since then, Apple has had to conquer many challenges including boardroom drama, market missteps, and even a close call with bankruptcy on its path to the milestone.

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The iPhone accounts for half of the companies revenue according to reports, and more than a billion iPhones have been sold.

In the second quarter of this year, the company recorded profits that jumped more than 30 per cent to $11.5 billion, besting market expectations despite selling slightly fewer iPhones than analysts projected.

Apple’s revenue in the fiscal third quarter soared 17 percent to $53.3 billion from the same period a year earlier on the back of sales of pricier iPhones, online services and wearable devices.

Despite achieving huge revenue, iPhones accounted for 14.7 per cent of the smartphones sold in 2017, while South Korean consumer electronics giants Samsung had 21.6 per cent of that market, according to industry tracker IDC.

Apple also shipped fewer iPhone compared to it competitors with 41.3 million iPhones, claiming 12.1 per cent of the global market compared to 20.9 per cent for Samsung and 15.8 per cent for Huawei.

Even when iPhone sales fall shy of expectations, Apple has managed to make higher revenues, and this has been achieved by making more money off each handset. With regards that, Apple chief executive Tim Cook has remained firmly bullish, touting the company’s product pipeline and championing good sales of the iPhone X, a recently unveiled model whose $1,000 price tag analysts worried would be excessive.

READ ALSO: Apple announces huge revenue in the Q3 financial report with the help of the iPhone X

Concerning Apple, Analyst Milanesi said,

“The brand still stands for quality product, great design, ease of use and a customer-first approach to technology,” 

Congratulations to Apple for achieving this huge milestone, more successes ahead.