After a recent earnings call Apple (NASDAQ:APPL) is teeing up to reach a $1 Trillion market cap. This marks a huge milestone in US stock market history as Apple would be the first company in US history to reach a $1 trillion market cap. Apple has surged roughly 8.5% after their earnings call on Tuesday of this week.
During the call, we learned a few pivotal happenings in Apple. First, Apple Pay seems to be gaining speed in an ever-changing payment processing environment. On the call they mentioned that Apple Pay has completed more transactions than their primary competitor Square last Q. Additionally, Apple Pay is being rolled out to large chains such 7/11 and CVS which are largely valuable partnerships in the payment processing space. In addition to being placed in new stores, Apple Pay will also be launched in Germany next year.
It seems that Apple has shifted some of its focus to developing their own original content, which has already proven successful with Apple News doubling its total reads. When Cook addressed Apple’s original content project he did not give specifics but his attitude seemed positive towards what will be rolled out.
In August of 2011, shortly before Jobs passing, Jobs resigned as CEO and Cook stepped into his role. When Tim Cook took over, Apple’s market cap was around $300 billion. In just 7 years, Cook has added over $640 billion to Apple’s market cap, effectively tripling it. Flash forward to today, Apple is on the verge of breaking the $1 trillion market cap milestone.
This is not only a huge achievement for Apple as a whole, but also a testament to Tim Cook’s executive abilities. With their quick success in the App Store, Apple Pay, and Apple News, It will be interesting to see where Apple can go when they shift their focus away from the iPhone models.