THE FIRST TRILLION DOLLAR COMPANY AND IT'S NOT AMAZON

Apple, co-founded by Steve Jobs, Steve Wozaniak and Ronald Wayne 42 years ago in a garage has hit a $1 trillion market cap. It is the first American company ever to be worth over $1 trillion dollars. Shares of the company rose 3% on Thursday, 2 August 2018.

Apple's earning shows that the company is in good financial health as the revenue rose 17% in the second quarter to $53.3 billion, while the net income rose 405 to $2.34 per share. On Tuesday the company reported that MacBook sales were down and that iPad sales remained flat, the company saw the average iPhone selling price hit $724 in the third quarter, well above the expected $694.

This achievement can be credited to the flagship iPhone X which remained Apple's most popular iDevice during the quarter, according to CEO Tim Cook which bodes well Apple's next generation iPhones - the so called iPhone 9, iPhone 11 and iPhone 11 Plus. The sales from iTunes and the App Store increased from 37 percent to $9.5 billion which also contributed to this procurement. Sale of Air Pods, HomePods and the Apple Watch also had a bumper quarter with growth of 37 percent.

Apple has also taken an action to rein in its App Store Affiliate Program, in a move that is alleged to have brought one company to the blink of collapse. The company has confirmed it will remove apps and in-apps purchases from the program by the start of October.

Overall, the net worth of apple is worth two times the valuation of Facebook, seven times of Netflix and 42 times more than the value of Twitter.

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