About ten years back on May 30, 2007, Apple Inc. (NASDAQ:AAPL) reached the first key mile stone of crossing the $100 billion mark in market capitalization in its history. Since then, the company’s market jumped 700 percent to hit $800 billion a few days back. This translates into a compounded annual growth rate of 23.11 percent per annum.
Significantly, iPhone is the primary driver in all these years as the $100 billion market cap was crossed before the release of iPhone on June 29, 2007 though the product was announced in Macworld convention in January same year. Since then, the company has crossed several other big brands reach the most valuable company in the world. The first casualty was Alphabet Inc (NASDAQ:GOOGL)’s Google then in 2008 followed by Microsoft Corporation (NASDAQ:MSFT) on May 26, 2010, when the company crossed the Windows OS maker’s market cap of $219 billion.
The iPhone also removed Exxon Mobil Corporation (NYSE:XOM) as the most valuable company in the world on August 10, 2011 when the market cap of Apple crossed $331 billion. However, the iPad maker gave the most valuable firm tag to Alphabet for a brief period in February 2016 after the search engine delivered better than expected earnings. Its market cap reached about $544 billion on February 2 last year that was above the iPhone maker’s $534 billion market cap.
Though there are other companies like Microsoft and Alphabet that enjoys more than $500 billion market cap, they are way behind Apple in reaching the market cap. With iPhone 8 models slated to hit the market later this year, investors would be looking for a further growth in market cap. However, it would not be an easy task to reach the $1 trillion mark in market capitalization without significant contributions from other products.
The following are the key milestones in market cap of Apple:
- On May 8, 2017, Apple exceeds $800 billion market cap
- On November 25, 2014, iPhone maker’s market cap tops $700 billion
- On August 17, 2012, Apple’s market cap crosses $600 billion
- On February 29, 2012, market cap of iPad maker topped $500 billion
- On January 25,2012, iPhone maker’s market cap exceeded $400 billion
- On August 10, 2011, market cap of tech bellwether hits $331 billion to Topple Exxon Mobil Corporation (NYSE:XOM)
- On January 3, 2011, Apple’s market cap topped $300 billion
- On May 26, 2010, the iPad maker’s market cap exceeded Microsoft Corporation (NASDAQ:MSFT)’s $219 billion.
- On March 9, 2010, market cap of Apple crosses $200 billion
- On May 30, 2007, iPhone maker’s market cap surpassed $100 billion
On Tuesday, Apple’s market cap was $824.71 billion.
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