Read Apple CEO Tim Cook’s Response to $1 Trillion Valuation
Apple is the first American company to reach the milestone.
Apple CEO Tim Cook has shared his thoughts on heading up the first American company worth $1 trillion. The firm’s market cap pushed past the milestone on Thursday, around 21 years after Steve Jobs returned to the then-failing company and executed one of the most impressive comebacks in corporate history.
The memo, sent to employees late in the day, highlighted the firm’s stock closing price of $207.39. However, Cook stressed that the milestone was not the most important indicator of success, with products and customers coming first and foremost.
Apple reported record-breaking earnings on Tuesday in its third quarter report, with revenue of $53.3 billion and net profit of $11.5 billion. It was the fourth consecutive quarter of double digit growth, and the best results ever for a June quarter, largely driven by sales of services, wearables and the iPhone.
The company is expected to announce three new iPhones this year: a 6.1-inch LCD model at $799, a 5.8-inch OLED model at $899 and a 6.5-inch OLED model at $999. With the success of last year’s iPhone X, the release could push Apple even further ahead over the coming year.
Read Cook’s message, shared by Buzzfeed, below:
Today Apple passed a significant milestone. At our closing share price of $207.39, the stock market now values Apple at more than $1 trillion. While we have much to be proud of in this achievement, it’s not the most important measure of our success. Financial returns are simply the result of Apple’s innovation, putting our products and customers first, and always staying true to our values.
It’s you, our team, that makes Apple great and our success is due to your hard work, dedication and passion. I am deeply humbled by what you do, and it’s the privilege of a lifetime to work alongside you. I want to thank you from the bottom of my heart for all the late hours and extra trips, all the times you refuse to settle for anything less than excellence in our work together.
Let’s take this moment to thank our customers, our suppliers and business partners, the Apple developer community, our coworkers and all those who came before us at this remarkable company.
Steve founded Apple on the belief that the power of human creativity can solve even the biggest challenges — and that the people who are crazy enough to think they can change the world are the ones who do. In today’s world, our mission is more important than ever. Our products not only create moments of surprise and delight, they empower people all around the globe to enrich their lives and the lives of others.
Just as Steve always did in moments like this, we should all look forward to Apple’s bright future and the great work we’ll do together.