Steve Jobs Current Affairs - 2020

Apple becomes world’s most valuable company

After reporting its blockbuster Quarterly result stock of Apple Inc increased 10% to a record high making Apple world’s most valuable publicly listed company. The company has shown a great recovery from its low-point in March during the pandemic.

Background

As per the share count provided by Apple Inc. Its stock closed at $425.04 putting company’s market capitalization at $1.82 trillion. Even Saudi Arabia’s State-owned Saudi Aramco which had been the most valuable publicly listed company since the time it went public last year had a market capitalization of $1.760 trillion. This unprecedented event which added $172 billion was Apple’s largest one-day percentage gain since March 13. It was even greater than the entire stock market value of Oracle group;

Reason Behind

Amid the current pandemic when everywhere there is a surge for electronic devices for working online, the company saw increased demand for its devices. Its total revenue for Q3 hit $59.7 billion, which is 11 per cent higher from the last financial year. Strong Mac and iPad sales were a highlight. The company also announced a four-for-one stock split as part of its Q3 earnings, which will decrease the price of an individual stock.

Apple Inc. becomes first company worth over $700 bn in global corporate history

US technology giant Apple Inc. became the first company to reach a market value of $700 billion.

It was able to hit this milestone after its shares rose 1.9 per cent and closing at $122.02, which in turn increased company’s market value to $710 billion.

Earlier in January 2015, Apple Inc had recorded highest quarterly profit of 18 billion US dollar in corporate history worldwide after the company sold 74.5 million iPhones in quarter ending December 2014.

With its $710 billion market value Apple is far ahead from the number two company, oil giant Exxon Mobil, which is worth around $382 billion in terms of market value.

About Apple Inc

  • Apple Inc. is California based technology giant that designs, develops, and sells consumer electronics, computer software, online services, and personal computers.
  • It is best-known for its niche hardware products which includes Mac line of computers, the iPod media player, the iPhone smartphone, and the iPad tablet computer.
  • Apple was founded by Steve Jobs, Steve Wozniak, and Ronald Wayne in 1976 to develop and sell personal computers. Later in 1977, it was incorporated as Apple Computer.
  • It was renamed as Apple Inc. in 2007, to reflect its shifted focus towards consumer electronics.
  • At present, Apple is the world’s second-largest information technology company by revenue after Samsung Electronics, and the world’s third-largest mobile phone maker.