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Apple Became World's Most Valuable Company Seven Years Ago Today, Two Weeks Before Steve Jobs Resigned as CEO

Today marks the seventh anniversary of Apple passing U.S. oil giant ExxonMobil to become the world's most valuable company for the first time, with a market capitalization of around $341.5 billion at the time. Apple achieved the milestone on August 9, 2011, just over two weeks before the late Steve Jobs resigned as CEO on August 24, 2011, the same day that he nominated then-COO Tim Cook to succeed him in the position. Jobs passed away on October 5, 2011, following a lengthy battle with cancer. Apple dropped back below ExxonMobil a few times, and was briefly surpassed by Google parent company Alphabet in market cap at times in 2016, but the iPhone maker has been the world's most valuable company for the better part of the past seven years, and continues to hold that title today. Apple becoming the world's most valuable company was a remarkable accomplishment given that it flirted with bankruptcy in the mid-to-late 1990s, until Jobs returned and streamlined its product lineup. Under his leadership, Apple introduced several hits, including the iMac, iPod, iPhone, and iPad. Apple has continued its success under Cook, becoming the first publicly traded U.S. company worth a trillion dollars last week, shortly after reporting record-breaking $53.3 billion revenue in the third quarter of the 2018 fiscal year. Apple's stock has appreciated over eight percent since the results came out. Apple will look to build upon its success by expanding its focus on technologies such as augmented reality, autonomous driving, and artificial intelligence, in addition to services

Tim Cook Says Apple's $1 Trillion Value is a 'Significant Milestone' But 'Not the Most Important Measure of Success' in Employee Memo

Apple today reached a major milestone and became the first publicly listed U.S. company to reach a $1 trillion market capitalization. Following the news, Apple CEO Tim Cook, who did not comment publicly on the occasion, sent out a memo to employees, which was shared by Buzzfeed. In the memo, Cook said that while the valuation is a "significant milestone" that the company should be proud of, it's not the most important measure of Apple's success. He instead thanked employees and said that it's their hard work and refusal to settle for less that makes Apple great.Team, Today Apple passed a significant milestone. At our closing share price of $207.39, the stock market now values Apple at more than $1 trillion. While we have much to be proud of in this achievement, it's not the most important measure of our success. Financial returns are simply the result of Apple's innovation, putting our products and customers first, and always staying true to our values. It's you, our team, that makes Apple great and our success is due to your hard work, dedication and passion. I am deeply humbled by what you do, and it's the privilege of a lifetime to work alongside you. I want to thank you from the bottom of my heart for all the late hours and extra trips, all the times you refuse to settle for anything less than excellence in our work together. Let's take this moment to thank our customers, our suppliers and business partners, the Apple developer community, our coworkers and all those who came before us at this remarkable company. Steve founded Apple on the belief that the

Apple is Officially a Trillion Dollar Company as Shares Cross $207 Mark

Apple has officially become the world's only trillion dollar publicly traded company, in terms of market capitalization, which is simply the company's number of outstanding shares multiplied by its stock price. Apple achieved this milestone by hitting a stock price of $207.05 and above in intraday trading today, giving it a market cap slightly over $1,000,000,000,000, based on its 4,829,926,000 outstanding shares as of July 20, 2018, which the company disclosed in its quarterly 10-Q filing with the SEC on Wednesday. While some publications declared Apple a trillion dollar company earlier in the day, this was based on an outdated number of outstanding shares in Apple from tools such as Yahoo Finance, which powers Apple's own Stocks app. Apple beat out other large tech companies, including Amazon, Microsoft, and Google parent company Alphabet, in the race to a trillion dollars. As with most milestones of this nature, however, Apple reaching exactly a trillion dollar market cap doesn't have too much significance, beyond the vanity of it. Apple's stock has appreciated over eight percent since the market closed on Tuesday, following its record-breaking earnings results. Apple set a new fiscal third quarter record with $53.3 billion revenue, easily topping Wall Street expectations, and there were also indications that the iPhone X is selling quite well. The milestone is a testament to the strength of Apple, which has already been the world's most valuable company for several years. Aside from 2016, which is now an outlier, Apple has been steadily increasing its

Apple's March to Trillion Dollar Market Cap May Take a Bit Longer Based on Latest Share Count

Apple has filed its quarterly 10-Q form with the U.S. Securities and Exchange Commission today, confirming that the company has a total of 4,829,926,000 outstanding shares on the stock market as of July 20, 2018. That's down from 4,915,138,000 shares three months earlier as Apple has continued to buy back its own stock. Based on multiplying the latest total by Apple's closing stock price today of $201.50, the iPhone maker has a market cap of roughly $973 billion, making it ever so close to becoming a trillion dollar company. The exact moment that Apple crosses the trillion dollar mark will be difficult to determine, as Apple continues to buy back and retire shares, reducing the number of outstanding shares. The total reflected in the 10-Q form is already nearly two weeks old, and has likely decreased over that time. Everyone from investors to fanatical customers has been closely watching the AAPL ticker on the stock market to see if Apple will become the world's only and arguably first publicly traded company with a trillion dollar valuation. Tech rivals Amazon, Microsoft, and Google parent company Alphabet are also in the race. For now, the wait for $1,000,000,000,000 continues, but it doesn't look like it will take much longer for Apple to pull off the

Apple's Stock Price Crosses $200 Mark to Reach New All-Time High

Apple shares crossed the $200 mark in intraday trading today, setting a new all-time high for the company's stock. Apple's stock is up over five percent since the market closed on Tuesday, after the company reported a record-breaking $53.3 billion in revenue, meeting the high end of its guidance and topping Wall Street expectations. All eyes are on the AAPL ticker as Apple hovers ever so close to a trillion dollar valuation, but the company's precise market cap can't be determined until Apple files its quarterly 10-Q form today with an updated total of outstanding

Apple Expected to Report Its Best Third Quarter Ever Today

Apple is set to report its earnings results for the third quarter of its 2018 fiscal year at 1:30 p.m. Pacific Time today. The quarter began April 1, 2018 and ran through June 30, 2018, according to Apple's fiscal year accounting calendar. Apple provided the following guidance for the quarter back on May 1:revenue of $51.5 billion to $53.5 billion gross margin between 38 and 38.5 percent op. ex. of $7.7 billion to $7.8 billion other income/expense of $400 million tax rate of approximately 14.5 percentApple's guidance suggests it will report its best third quarter results ever, by revenue, comfortably topping its 2015 record of $49.6 billion: 2014: $37.4 billion 2015: $49.6 billion 2016: $42.4 billion 2017: $45.4 billion 2018: $51.5+ billion Wall Street analysts forecast that Apple will report $52.3 billion revenue, meeting roughly the midpoint of its guidance, and earnings per share of $2.18, according to 29 estimates averaged by Yahoo Finance. Key Takeaways and What to Look ForiPhone unit sales of around 41.7 million, according to a FactSet estimate. Apple doesn't break out iPhone sales on a model-by-model basis, but the iPhone's average selling price should reveal whether the iPhone X remains Apple's best selling iPhone model since it launched, or if sales have slowed. iPhone ASP was $728 last quarter. $606 in year-ago quarter. iPad unit sales should be boosted by the new sixth-generation 9.7-inch iPad, released March 27, just four days before the third quarter. Apple's guidance for its fourth quarter, which runs from July 1 through September 29, as

Apple to Announce Third Quarter 2018 Earnings Results on July 31

Apple today updated its investor relations page to announce that it will share its earnings results for the third fiscal quarter (second calendar quarter) of 2018 on Tuesday, July 31. The earnings release will provide a look at continued sales of the iPhone X, iPhone 8, and iPhone 8 Plus, along with data on how well the new low-cost 9.7-inch iPad is doing. Apple's guidance for the third fiscal quarter includes expected revenue of $51.5 to $53.5 billion and gross margin between 38 and 38.5 percent. Based on those guidance numbers, Apple will beat its Q3 2017 earnings results. Apple's quarterly earnings statement will be released at 1:30 p.m. Pacific/4:30 p.m. Eastern, with a conference call to discuss the report taking place at 2:00 p.m. Pacific/5:00 p.m. Eastern. MacRumors will provide coverage of both the earnings release and conference call on July

Apple's Stock Price Reaches All-Time High as Warren Buffett Continues to Praise Company

Apple's stock price has established a new all-time high, as shares exchanged hands for slightly above $187 in intraday trading today. Apple's stock price has been steadily increasing for over a week, driven by the company's successful earnings report on May 1 and Berkshire Hathaway buying 75 million additional Apple shares in the first three months of 2018. North American stock markets have also been rallying in general since Friday. Berkshire Hathaway now holds 240.3 million shares in Apple, worth over $44 billion at the stock's current price, and the holding company's billionaire CEO Warren Buffett continues to praise the company with bullish comments. "I clearly like Apple… we bought about five percent of the company. I'd love to own 100 percent of it," he quipped, in an interview with CNBC. "We like very much the economics of their activities, and we like very much the management and the way they think, and the way they act," he added. Buffett on his Apple stake: We currently own about 5% of the company, "but I'd love to own 100% of it" https://t.co/9SiIuaXfCo pic.twitter.com/A3zsAQfpPu— CNBC Now (@CNBCnow) May 7, 2018 Buffett was only joking about his intention of owning 100 percent of Apple shares, which wouldn't be possible due to financial and regulatory considerations, but the comment is a testament to his confidence in the iPhone maker. Buffett wasn't the only billionaire to offer praise, as Microsoft co-founder Bill Gates said Apple is an "amazing company" in an interview with CNBC, at Berkshire Hathaway's annual meeting. "The top tech

Berkshire Hathaway Bought 75 Million Additional Apple Shares in Q1 2018

Berkshire Hathaway bought 75 million additional Apple shares in the first three months of 2018, CEO Warren Buffett told CNBC on Thursday, signaling the billionaire investor's continuing confidence in Apple. In February last year, Buffett revealed that his holding company held around 133 million shares in Apple prior to the company's record-breaking earnings results on January 31, 2017, worth over $17 billion at the time. Today it holds 240.3 million shares worth $42.5 billion. "If you look at Apple, I think it earns almost twice as much as the second most profitable company in the United States," Buffett told CNBC.Historically, Buffett has shied away from investing in technology companies, but the business magnate has suggested he sees Apple more as a consumer company. Reuters reports that Berkshire's latest Apple investment serves as a way of reducing the corporate group's $116 billion in cash and equivalents, without having to acquire a whole company. Apple posted revenue of $61.1 billion and net quarterly profit of $13.8 billion in the first quarter of the year, up from revenue of $52.9 billion and net quarterly profit of $11.0 billion in the year-ago quarter. Apple said it will start a new share buyback authorization of $100 billion following the record revenue and profit

Apple Expected to Report Best-Ever Second Quarter Today With Anticipated Clues About iPhone X Sales

Apple is set to report its earnings results for the second quarter of its 2018 fiscal year at 1:30 p.m. Pacific Time today. The quarter began December 31, 2017 and ended March 31, 2018, according to Apple's fiscal year accounting calendar. Apple provided the following guidance for the quarter back on February 1:revenue between $60 billion and $62 billion gross margin between 38 and 38.5 percent operating expenses between $7.6 billion and $7.7 billion other income/expense of $300 million tax rate of approximately 15 percentApple's guidance suggests the company will report its best second quarter results ever, topping its previous record of $58 billion: 2014: $45.6 billion 2015: $58.0 billion 2016: $50.6 billion 2017: $52.9 billion 2018: $60+ billion Wall Street analysts forecast that Apple will report $60.9 billion revenue, meeting roughly the midpoint of its guidance, and earnings per share of $2.69, according to over 30 estimates averaged by Yahoo Finance. MacRumors has compiled second quarter revenue and EPS estimates from a handful of Apple-focused analysts: Key Takeaways and What to Look ForApple is expected to report iPhone unit sales of 51.9 million, a roughly two percent increase over 50.8 million in the year-ago quarter, according to average analyst estimates compiled by Bloomberg. Apple doesn't break out iPhone sales on a model-by-model basis, but the iPhone's average selling price should reveal whether there's any truth to reports that iPhone X sales have slowed significantly. iPhone ASP was $796 last quarter, up from $695 a year earlier.

Apple to Announce Q2 2018 Earnings on May 1

Apple today updated its investor relations page to announce that it will share its earnings results for the second fiscal quarter (first calendar quarter) of 2018 on Tuesday, May 1. The earnings release will provide a look at sales of the iPhone 8, iPhone 8 Plus, and iPhone X following its record January quarter that saw the company sell 77.3 million iPhones. Apple's guidance for the second fiscal quarter includes expected revenue of $60 to $62 billion and gross margin between 38 and 38.5 percent. Apple will beat its Q2 2017 earnings results based on those guidance numbers. Apple's quarterly earnings statement will be released at 1:30 p.m. Pacific/4:30 p.m. Eastern, with a conference call to discuss the report taking place at 2:00 p.m. Pacific/5:00 p.m. Eastern. MacRumors will provide coverage of both the earnings release and conference call on May

Apple's Services Category Set to Be the Company's Main Revenue Driver Over the Next Five Years

Apple's services revenue is growing at a rapid pace and is on track to be the company's primary revenue driver in the future, according to a note Morgan Stanley analyst Katy Huberty shared with investors this morning (via Business Insider). Huberty believes that over the course of the next five years, services revenue growth will contribute more than 50 percent of Apple's total revenue growth. The iPhone, meanwhile, will make up just 22 percent of revenue growth during the same time period, despite the fact that it's contributed 86 percent of Apple's revenue growth over the past five years. Although "over the last five years, the vast majority (86%) of Apple's 8% annual revenue growth was driven by iPhone sales, it is through monetization of Apple's Services business that we see the company still generating mid single digit revenue growth," she said. Huberty estimated that roughly 60% of revenue growth is now attributable to services. That, coupled with wearables, like the Apple Smart Watch, "will drive almost all of Apple's growth over the next five years," she added.For the last several years, Apple's services category has been setting continual quarterly revenue records thanks to its rapid growth. In the first fiscal quarter of 2018, for example, services brought in $8.5 billion, up 18 percent year over year. The services category includes iTunes, the App Store, Apple Music, iCloud, Apple Pay, and AppleCare. According to Huberty, services revenue is at roughly $30 per device, up from $25 two years ago, but that might not be an accurate reflection of

Apple's Stock Price Reaches All-Time High Above $180 After Warren Buffett Praises iPhone Maker

Apple's stock price has established a new all-time high in the company's history, as shares exchanged hands for slightly above the previous record of $180.10 in intraday trading today following several weeks of gains. AAPL has been on the rise since bottoming out at $150.24 on February 9, one day after the Dow Jones plunged over 1,000 points. The broader selloff in the stock market proved to be short lived, as many technology stocks have since rebounded, and the Dow Jones is up nearly eight percent compared to a few weeks ago. The all-time high comes after billionaire investor Warren Buffett said his company Berkshire Hathaway has purchased more shares of Apple than any other stock over the past year. Berkshire Hathaway increased its Apple holdings by 23.3 percent, to 165.3 million shares, according to recent filings with the SEC. Apple shares have technically traded for higher prices, but today's all-time high accounts for multiple stock splits that have occurred over the years. Apple now has a market capitalization of well over $900

Apple Expected to Report Highest Revenue in Single Quarter in Company's History

Apple is set to report its earnings results for the first quarter of its 2018 fiscal year at 1:30 p.m. Pacific Time on Thursday. The quarter reflects Apple's sales between October 1 and December 30 of 2017. Apple provided the following guidance for the quarter back on November 2: • revenue between $84 billion and $87 billion • gross margin between 38 and 38.5 percent • operating expenses between $7.65 billion and $7.75 billion • other income/expense of $600 million • tax rate of 25.5 percentApple's guidance suggests the company will easily beat its current all-time quarterly revenue record of $78.4 billion set a year ago. Wall Street analysts forecast that Apple will report $87.06 billion revenue and earnings per share of $3.83, according to 29 estimates averaged by Yahoo Finance. A quarter-by-quarter look at Apple's revenue since the 2009 calendar year:Apple's FY Q1 Rev. • 2014: $57.6B • 2015: $74.6B • 2016: $75.9B • 2017: $78.4B • 2018: $84B+ MacRumors has compiled fiscal first quarter estimates from several financial institutions and analysts tracking Apple's earnings results and stock. Key Takeaways and What to Look For • Was the iPhone X a hit? Apple began taking iPhone X orders on October 27, roughly four weeks after the quarter began, so investors will be closely examining Apple's total number of iPhones sold to see if the flagship smartphone had a measurable impact. Apple doesn't reveal iPhone sales on a model-by-model basis, however, so its total will include sales of the iPhone 8, iPhone 8 Plus, and older models in its smartphone

Apple is $100 Billion Away From Becoming World's Only Trillion Dollar Company

Apple shares are currently trading for around $175, giving the iPhone maker a market cap of roughly $900 billion. The valuation puts Apple within $100 billion of becoming the world's only trillion dollar company. Apple shares will have to rise to around the $195 mark for the company to reach a trillion dollar valuation, depending on the rate of its share buybacks, and an increasing number of Wall Street analysts think that will happen. Drexel Hamilton analyst Brian White, who is extremely bullish about Apple, has a lofty 12-month price target of $235 for the company's stock. In other words, he forecasts that Apple could be a $1.2 trillion company within a year.With a market cap of over $900 billion, we believe Apple is on its way to becoming a "trillion dollar baby" as reflected in our price target. We were the first on Wall Street to project that Apple would reach a $1 trillion market cap as reflected by a price target; our current price target of $235.00 equates to approximately a $1.2 trillion market cap.RBC Capital Markets analyst Amit Daryanani has also said Apple has the potential to achieve a trillion dollar market cap, and even surpass that valuation, by the end of 2018. His current price target for Apple shares is $190. Apple could be the world's only trillion dollar company, but it wouldn't be the first. The spice trading Dutch East India Company, founded in 1602, was the first to go public and at one point was valued at over $7 trillion when adjusted for inflation. Wall Street analysts, including White, have been prognosticating Apple becoming a

Transcript of Everything Apple Said About Its Record-Breaking Fourth Quarter Earnings Results

Apple today reported revenue of $52.6 billion and net quarterly profit of $10.7 billion, or $2.07 per diluted share, in the fourth quarter of its 2017 fiscal year. Apple's CEO Tim Cook and CFO Luca Maestri discussed the results on a conference call today. MacRumors has prepared a complete transcript of the call ahead. Tim Cook Good afternoon and thanks to everyone for joining us. As we close the books on a very successful fiscal 2017, I have to say I couldn't be more excited about Apple's future. This was our biggest year ever in most parts of the world, with all-time record revenue in the United States, Western Europe, Japan, Korea, the Middle East, Africa, Central and Eastern Europe, and Asia. We had a particularly strong finish this year, generating our highest September quarter revenue ever, as year-over-year growth accelerated for the fourth consecutive

Apple Expected to Report Strong Summer Revenue of $50B+ as Focus Shifts to iPhone X Launch Quarter

Apple is set to report its earnings results for the fourth quarter of its 2017 fiscal year at 1:30 p.m. Pacific Time today. The fiscal quarter reflects Apple's sales between July 2 and September 30 of 2017. Apple provided the following guidance for its fourth quarter back on August 1: • revenue between $49 billion and $52 billion • gross margin between 37.5 and 38 percent • operating expenses between $6.7 billion and $6.8 billion • other income/expense of $500 million • tax rate of 25.5 percentApple's guidance suggests the company will report at least its second best fourth quarter earnings results in its history. Wall Street analysts forecast that Apple will report $50.7 billion revenue and earnings per share of $1.87, according to 29 estimates averaged by Thomson Reuters. A quarter-by-quarter look at Apple's revenue since the 2009 fiscal year:Fourth Quarter Revenue • 2013: $37.5B • 2014: $42.1B • 2015: $51.5B • 2016: $46.9B • 2017: $49B+ MacRumors.com compiled fourth quarter estimates from several financial institutions and analysts tracking Apple and the company's stock. The figures are listed below, ranked from highest to lowest in quarterly revenue. Apple's fourth quarter earnings results will provide the first official indication of how well the iPhone 8 and iPhone 8 are selling. The devices became available to pre-order on September 15, just over two weeks before the quarter ended, and launched in stores one week later on September 22. Multiple reports have suggested that demand for the iPhone 8 and iPhone 8 Plus has been tepid, but

Wall Street Analyst Says 'Buy the Dip' After Apple's Stock Price Steadily Declines in September

Since hitting an all-time high of $164.94 on September 1, Apple's stock price has steadily declined throughout the month. Apple's closing price of $150.55 on Monday represents a nearly nine percent decline in just under four weeks. Despite some negativity surrounding the stock, one Wall Street analyst believes the recent skid is a buying opportunity. "We believe concerns around the strength of this cycle are misplaced and we would be aggressive buyers of the stock during this correction," said Brian White, a longtime Apple analyst at investment banking firm Drexel Hamilton. White believes the staggered launch of the iPhone 8 and iPhone X is confusing industry observers, who are perhaps worried by reports of shorter lines at Apple retail stores and lower adoption rates of the iPhone 8 and iPhone 8 Plus. "We believe more consumers in the developed parts of the world will pass on the iPhone 8/8 Plus and buy the iPhone X," added White, in a research note obtained by MacRumors. "Those that are on the fence will likely wait to see the iPhone X." White is one of the most bullish Apple analysts, with a lofty $208 price target for the iPhone maker. If the price were to rise that high, Apple would be over a trillion dollar company based on market capitalization. Raymond James analyst Tavis McCourt also said Apple's recent pullback is a "trading opportunity." His survey indicated there could be higher demand for the iPhone X than the firm initially anticipated. Apple's slide has held back the Dow Jones, which is still up around 1.5 percent since the start of

Apple's Stock Price Rises Above $160 Mark to Set New All-Time High

Apple shares are currently trading for between $161 and $162, eclipsing the $160 mark for the first time ever and setting a new all-time intraday high. The nearly 2 percent rise in Apple's stock price gives the company a market valuation of around $835 billion on its path to becoming a trillion dollar company. Apple's previous all-time high in intraday trading was $159.75, set after its third quarter earnings results beat expectations. Apple's record close is $157.14, which could be topped today after less than one week. Conversely, Apple's 52-week low is $102.53, set September 12, 2016, five days after its iPhone 7 event. With focus shifting to the so-called iPhone 8 upgrade supercycle expected later this year, AAPL price targets range between $140 and

Apple's Stock Opened at Record of Nearly $160 Per Share With $830 Billion Valuation

Following its June quarter earnings results, which beat Wall Street expectations for both revenue and iPhone sales, Apple's stock opened at an all-time high of $159.52 today. Apple also opened with a market cap of nearly $830 billion, moving it closer to becoming a trillion dollar company. Investors and analysts alike remain optimistic about the so-called iPhone 8 expected later this year. Drexel Hamilton analyst Brian White today said his Wall Street firm continues to believe Apple remains among the most underappreciated stocks in the world, and maintained his lofty $202 price target. MacRumors obtained the latest research notes from several Apple analysts with updated AAPL price targets and ratings. MacRumors has also published a complete transcript of Apple's post-earnings conference call with CEO Tim Cook and CFO Luca Maestri. AAPL is currently trading in the $156 to $157 range after falling back a few dollars since the opening bell, but it's still up over 4