Apple announced strong earnings for the third quarter of the year. Not only did the Cupertino-company surpass its own projections, but also the estimations of analysts. After Apple’s best June quarter ever, the company also projected a very successful Q4 in terms of earnings.
The market reacted to this success and the price of Apple stocks increased. At exactly 11:48a ET, on August 2, 2018, Apple stock crossed $207.05 per share. Consequently, Apple became the first US company with a market cap of over $1 trillion. It might not wear the title for long, and it might just as well hit the mark again, as the market fluctuates frequently.
Tim Cook thinks that, while it is a milestone for Apple, it is “not the most important measure of our success“. In a memo to employees, the CEO said: “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”. Read the full memo 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 that 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.