Apple Inc.'s Market Cap Surges 3%, Breaking the US$1 Trillion Barrier

Cell phone manufacturer Apple Inc. became the first technology company to achieve a market capitalization exceeding US$1 trillion (Rp 1,400 trillion), equivalent to Indonesia's GDP. This figure was reached after trading on August 2, 2018, when the share price (AAPL) rose 2.92% to US$207.39 from the previous day's close and increased by more than 22% from its year-end position.

The iPhone maker's financial performance, exceeding expectations, fueled the rise in its share price. According to published financial reports, during the third quarter of 2018, Apple recorded a 17.3% increase in revenue to US$53.27 billion from US$45.4 billion in the same quarter of the previous year. Similarly, its net income rose 32.14% to US$11.52 billion from US$8.72 billion, and its earnings per share increased 40.4% to US$2.36/share from US$1.68/share.

According to Bloomberg data, other technology companies with the largest market capitalization include Alphabet Inc. (parent company of Google Inc.) with a market capitalization of US$857.8 billion and Facebook with US$825.81 billion. Tencent Holding (Hong Kong) and Taiwan Semiconductor Manufacturing (Taiwan) are also included in the list of the top 10 technology companies by market capitalization.