When Jobs passed the baton to Cook, Apple’s market value stood at $350 billion.Ĭopyright 2023 The Associated Press. The rest of Apple’s revenue flows in from other products such as the Macintosh computer, iPad, Apple Watch, AirPods and a services division that includes music and video streaming, warranty programs, fees collected through the iPhone app store and advertising commissions that Google pays to be the default search engine on the iPhone.Īlthough most of Apple’s innovations were hatched while Jobs was running the company, most of its wealth has been created under the reign of its current CEO, Tim Cook, who took over as CEO shortly before Jobs died in October 2011. Last year, the device accounted more than half of the company’s nearly $400 billion in sales. The iPhone, unveiled by Jobs in 2007 with his hallmark showmanship, remains the crown jewel in Apple’s kingdom.
Today, Apple makes so much money that it can afford to pay $105 billion annually in investor dividends and repurchases of its own stock - and still be left with nearly $56 billion in cash at the end of its last fiscal quarter. to our BR location right away to set up an off site backup and secure our Baton Rouge computers. At the time of Jobs’ comeback, Apple was flirting with bankruptcy and so desperate for help that it turned to its once-bitter rival Microsoft for a cash infusion. The cascading trillions have been driven by the technology empire that Apple has built since Jobs returned to the company in 1997 after being pushed aside by then-CEO John Sculley in 1985.
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Instead, Apple’s stock sunk into a prolonged descent that pushed its market value briefly below $2 trillion earlier this year amid a slowdown in growth and investor jitters about rising interest rates that affected the entire tech sector.Īpple didn’t come close to the $3 trillion threshold again until earlier this month when the company unveiled what could be its next big product - a high-priced headset called Vision Pro that thrusts users into artificial settings known as virtual reality. The 47-year-old company co-founded by Silicon Valley legend Steve Jobs had briefly eclipsed a $3 trillion market value on back-to-back days in January 2022, but couldn’t hold on by the time the market closed.
Apple is one of a handful of technology companies, including Microsoft and chipmaker Nvidia, that helped drive the S&P 500 to a gain of nearly 16% in the first half of the year. SAN FRANCISCO (AP) - Apple became the first publicly traded company to close a trading day with a $3 trillion market value, marking another milestone for a technology juggernaut that has reshaped society with a line-up of products that churn out eye-popping profits.Īpple shares closed up 2.3% at $193.97 Friday, bringing its market value to $3.04 trillion.
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