Apple Becomes First U.S. Company With Market Capitalization Of $700 Billion
‘Day in and day out [progress]’ is just an idiomatic phrase for most of us. But this is what we talk, when we talk about Tim Cook’s Apple who closed the business day on February 10th with more than $700 billion market value – an eye-popping figure which has never been eyed for any other company in the history.
With attainment of this huge market capitalization, Apple has left the competitors way behind. The company which is comparatively closer to Apple is an oil firm, Exxon Mobil, with market value of $380 billion. Just imagine the financial lead Apple has taken! But most importantly, the real challenge for Apple seems the continuity of the revenue generation. Which Apple’s chief is optimistic that his company is capable of doing this in future too.
On Tuesday, Mr Cook was to be interviewed by Gary Cohn, who is president of Goldman Sachs. Many of the folks from financial world gathered at the Goldman Sachs Technology and Internet Conference in San Francisco. Apple’s Boss spoke on different subjects including this very financial milestone of $700 billion market capitalization. He said it was an “Old dogma” to think of consistent growth for larger companies as impossible task.
Furthermore, he explained how Apple’s sales are rising especially in China. China has been a lucky market since couple of years for Apple where it generated revenue of $38 billion in last year. Apple’s incredible growth can fairly be understood from its revenue boot in China. Only a few years ago, its earnings of a year were 1 billion and now…
Talking about Apple’s services and its working in China Mr Cook said:
We want one seamless kind of life. And so, I think that is huge for our future…We also did a lot of things to further our global footprint. And so, if you look at what we’ve done in China, we’ve opened more stores there. We’ve opened a lot more distribution there. Through the world, we’ve opened almost 20,000 new points of sale. We’ve opened 27 new Apple Stores, lot of flagship stores.
Additionally, Apple has struck a deal with First Solar. Both are going to form a 1300-acres solar farm in Monterey County, Calif., with an investment of $848 million. The Solar farm will supply power to its headquarters in Newark and to its offices and stores in California. The project is expected to reduce huge energy costs for Apple.
“We know at Apple that climate change is real. Our view is that the time for talk is past, and the time for action is now,” Cook said.