Just two days after Apple reported its fiscal third quarter earnings, Apple has reached a $1 trillion market cap - the first company in history to reach a 12-figure company valuation ever.
Image via Apple
Customers First
Despite Apple's tremendous achievement, Apple's CEO Tim Cook remained humble about the success, noting that the mark was a "significant milestone to be proud of" but that customer service, product design and company values come first, in a memo sent to Apple's 120,000 employees, shared with Reuters.
“Financial returns are simply the result of Apple’s innovation, putting our products and customers first, and always staying true to our values.”
Image via Apple in Chicago Store
“Steve founded Apple on the belief that the power of human creativity can solve even the biggest challenges — and that the people who are crazy enough to think they can change the world are the ones who do.”
Strongest Third Fiscal Quarter Ever
On July 31st, Apple reported its strong Q3 earnings with record results, posting quarterly revenue of $53.3 billion with iPhone sales of 41.3 million units, an increase of 17 percent from one year prior, and quarterly earnings per diluted share of $2.34, up 40 percent. 60 percent of the quarter’s revenue came from international sales. A day prior, Apple had revealed an adjusted share count of 4,829,926,000, meaning that Apple stock (AAPL) would need to reach $207.05 in order to hit the $1 trillion value, reported by CNBC.
“We’re thrilled to report Apple’s best June quarter ever, and our fourth consecutive quarter of double-digit revenue growth,” said Tim Cook, Apple’s CEO. “Our Q3 results were driven by continued strong sales of iPhone, Services and Wearables, and we are very excited about the products and services in our pipeline.”
Apple's new store in Milan. Image via Apple
Revenue overall was up 17 percent and EPS up to 40 percent this past June and record growth in service revenue. “Our strong business performance drove revenue growth in each of our geographic segments, net income of $11.5 billion, and operating cash flow of $14.5 billion,” said Luca Maestri, Apple’s CFO. “We returned almost $25 billion to investors through our capital return program during the quarter, including $20 billion in share repurchases.”
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Apple's stock rose 5 percent in the next 24 hours after its earnings announcement, passing the $200 mark. The day after its stock hit the $200 mark, Apple became the first $1 trillion company in history, the first company ever in business to cross a 12-figure company valuation.
You can listen to the investor earnings call at www.apple.com/investor/earnings-call/. This webcast is available for approximately two weeks from the day of posting (July 31).