Apple becomes the world’s first $1 trillion company, but Tim Cook memo says that’s not how to judge the firm’s value

Emma Sims August 3, 2018

Apple has just become world’s first public company to be worth $1 trillion (£767 billion). Its incendiary rise to the top came to fruition on Thursday, when New York shares closed at an all-time high of $207.39.

The company reported better than expected results for Q2 on Tuesday, with stock rising steadily since. Since the inauguration of the iPhone back in 2007, Apple’s shares have risen by 1,100%, jumping a third in the past year alone.

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The iPhone is regarded as a seminal product for Apple’s trajectory as a company; in 2006, the firm’s sales were less than $20 billion, with profits of nearly $2 billion. Fast forward to 2017, and the firm recorded sales of $229 billion, with profits of $48.4 billion, a feat many chalk up to the debut of the iPhone and its continued successes.

The development of the iPhone is in large part attributed to the late Steve Jobs, who unveiled the device to much fanfare back in 2007.

His successor and incumbent Apple CEO Tim Cook, meanwhile, is downplaying the valuation. Cook sent a memo to company staff reminding them that, while reaching $1 trillion is a “significant milestone”, it is not the most important measure of Apple’s success.

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The memo, shared by Buzzfeed, paid homage to Steve Jobs, with Cook reasserting that “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.”

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Cook signed off his touching memo with a unifying message to employees: “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.”

It would appear that, in the stewardship of Apple, Cook is following in the footsteps of the late and much revered Jobs; a heartening tale of good cop/good cop, incorruptible by even unprecedented amounts of money.

Images: George Rex and Wesley Fryer, used under Creative Commons