"As ever the discussion we have around each quarterly Apple earnings is to what extent it can shift away from relying too heavily on iPhone sales and we saw yet more impressive progress again in the second quarter as services revenues rose sharply".
When Amazon was a hot target of speculation, the most closely watched number other than company market value was potential changes in CEO Jeff Bezos' net worth, as it changed every previous time Amazon shares fluctuated.
Wall Street's optimism about last year's 10th anniversary iPhone, coupled with record share buybacks, have propelled Apple's stock 34 percent higher over the past 12 months, pushing the company's stock market value above $1 trillion on Thursday.
Founded in 1976, the house of Steve Jobs now holds the trophy engraved with "the world's first 1 trillion dollar company" title. That would value Apple at $1.3 trillion. Despite a decent earnings report, though, Amazon ended up a few millions short and stabilized near $900 billion for most of the past week.
Coupled with a lately adjusted outstanding share figure of 4,829,926,000 shares, Apple achieved the trillion dollar milestone earlier than projected, cites CNBC. However, his net worth is tied to Apple stock in a less conspicuous way.
In a memo sent Thursday to Apple employees, CEO Tim Cook called the valuation a "significant milestone" but added that it wasn't the "most important measure" of the company's success. While year-over-year iPhone sales increased by just 1% this past quarter, iPhone-based revenue jumped by a whopping 20%. For the past three years, growth of Apple shares has outstripped that of the S&P 500 index by 37 percent.
But Cook has gradually won accolades from investors by pumping out a series of solid financial results and spreading Apple's products to China and other foreign markets.
In the two decades since, Apple has risen to become the most valuable company in the world by helping popularize yet another era in computing, the smart phone.
"Steve (Jobs) founded Apple on the belief that the power of human creativity can solve even the biggest challenges - and that the people who are insane enough to think they can change the world are the ones who do".