Apple's Cook calls $1 trillion value 'milestone,' says result of corporate values
Apple CEO Tim Cook on Thursday commented on the company's $1 trillion market capitalization, saying that while it is a milestone, there are more important measures of success.
In a memo to employees seen by Reuters, Cook was typically humble in acknowledging Apple's achievement, noting the high-water mark is a "significant milestone" of which there is "much to be proud." That said, the figure should not be the iPhone maker's focus.
"Financial returns are simply the result of Apple's innovation, putting our products and customers first, and always staying true to our values," Cook said.
The notion is not new. Cook commonly credits Apple's success to its core value of placing products and customers first. More recently, the executive has linked the company's social code with consumer privacy, saying it is Apple's moral compass that restricts the company from turning users into products.
Apple became the first publicly traded U.S. firm to breach the mythical $1 trillion threshold earlier today when its stock price hit $207.05. Previous estimates put the magic number at $203.45, but Apple revealed an adjusted share count of 4,829,926,000 in quarterly filings on Wednesday, moving the target to just above $207.
Apple retained its standing in after-hours trading, with prices hovering at $207.09 as of this writing.
Cook went on to reference the legacy and memory of Apple co-founder Steve Jobs, whose leadership was pivotal bringing the company back from the brink of bankruptcy. Jobs' crowning achievement, the iPhone, debuted in 2007 and continues to be the company's main source of revenue.
"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," Cook wrote. "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."