iPhone was first launched in 2007, and 11 years later its maker Apple became the first public US company to join the $1 trillion valuation club.
On 2nd of August, Apple crossed the mark a little after noon. The stock immediately gained
2.92 per cent and the share price remained at $207.5. This success for the company can mostly be accredited to Apple’s growing software and services revenue which includes their App Store, AppleCare, Apple Pay, iTunes, and cloud services, apart from their sales of iPods and iPhones.
It was a close race with Amazon falling behind with $900 billion. Google’s value has been pegged at $852 billion and Facebook is following at $508 billion.
Before Apple saw success in 2007, however, it went almost bankrupt in 1990s after Steve Jobs left the company in 1985. He returned only in 1997 and took a $150 million investment from Microsoft CEO Bill Gates. When he appeared on the cover of Time magazine that very year, the cover carried a statement from Jobs thanking Gates, “Bill, thank you. The world’s a better place”.
The biggest challenge that now stands in front of the tech giant is maintaining the lead it has worked so hard towards. Apple’s value as a company rose by 22 per cent in 2018.