Apple Just Hit a $1 Trillion Market Cap; First Time for Any Company in History

Apple hit a $1 trillion market cap on Thursday, making the iPhone maker the first publicly traded U.S. company to reach the record valuation.

Apple, the world’s largest information technology company by revenue, which almost went out of business in the late 1990s, became the first U.S. company to be valued at over $1 trillion on August 2, 2018. Apple’s iTunes Store is the world’s largest music retailer. Apple is the world’s second-largest mobile phone manufacturer after Samsung.

Apple’s worldwide annual revenue totaled $229 billion for the 2017 fiscal year; and over one billion Apple products are actively in use worldwide. Apple has experienced a high ranking for brand loyalty; but has also received criticism for business and environmental practices, cheating customers on battery life and planned obsolescence of products, holding back on full features and necessary specifications for standard product use, anti-competitive behavior, questionable acquisition of source materials, and horrible labor practices among its contractors.

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