Apple is the first $1 trillion US company in history

Apple

Apple made history by becoming the first US company with a market value of over $1 trillion. After posting its third-quarter earnings with revenue of $53.3 billion, Apple surpassed its projection by $1 billion. With $53.3 billion revenue, the iPhone maker company managed to grow by 17 percent in a year.

A forecast suggests that new Apple hardware devices are coming in fall and three new iPhone models are to be announced. Accordingly, Apple’s expected revenue for the fiscal fourth quarter is $60 to $62 billion, a 16 to 19 percent growth from this period last year.

However, considering the volatile nature of the market, analysts foresee that  Apple will not likely be there for long and can bounce back and forth over the $1 trillion mark in the coming days. Parallelly, Amazon is taking big steps forward to jump the Apple’s record and is now on the verge of hitting the $1 trillion mark after its positive Q3 results. So, there is a presumption that Amazon will make history of having the biggest market cap soon, leaving Apple behind.

Being the first US company overpassing the $1 billion landmark valuation, Apple allocates millions of dollars to settle lawsuits yearly. Class action lawsuits against Apple are common occurring. Recently, Apple has seen no fewer than three class action lawsuits regarding the butterfly keyboard used in the MacBook Pro. Particularly, the lawsuit, filed in Northern California district court, claimed that butterfly-switch keyboards in 2015-and-later MacBook and 2016-and-later MacBook Pro models are “prone to fail,” resulting in “non-responsive keys” and other issues. Shortly after the MacBook lawsuit, Apple had to face class action regarding defective Apple Watches.

The pending class action claims that Apple Watches, Series 0 to Series 3, have defects that result in the screens cracking, shattering or detaching. The lawsuit seeks damages of $5M.

Apple was founded by the late Steve Jobs in 1976. The company reached its historic milestone as its shares hit $207,05. Apple’s share price rose fourfold since Tim Cook become the chief executive of the company in 2011. What’s more, the company hit $1 trillion market cap after 42 years since it was founded. Just to compare, Apple’s stock market value is more than a third the size of the UK economy and larger than the economies of Turkey and Switzerland.

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