Tim Cook: $1 trillion cap ‘not the most important measure of success’

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WWDC 2019
Apple CEO Tim Cook on stage for WWDC 2018.
Photo: Apple

Apple became the first company to ever reach a $1 trillion market cap on Wednesday as its share price soared to $207.39. But according to CEO Tim Cook, this is “not the most important measure of our success.”

In an email to Apple employees, Cook says that financial returns are simply the result of innovation — and that it’s the team behind them that really makes Apple so spectacular.

It looked like Amazon could beat Apple to the $1 trillion milestone for a short while, but following yet another positive earnings report, Apple shares surged. Investors couldn’t be happier that the iPhone continues to sell well, Apple’s wearable business is growing, and revenue from services is through the roof. Apple’s future looks incredibly bright indeed.

But it’s not the money that makes Apple so special, Cook says.

Tim Cook’s email to Apple employees at $1 trillion

In an email to Apple employees, obtained by BuzzFeed, Cook insists that the company has so much more to be proud of.

Team,

Today Apple passed a significant milestone. At our closing share price of $207.39, the stock market now values Apple at more than $1 trillion. While we have much to be proud of in this achievement, it’s not the most important measure of our success. Financial returns are simply the result of Apple’s innovation, putting our products and customers first, and always staying true to our values.

It’s you, our team, that makes Apple great and our success is due to your hard work, dedication and passion. I am deeply humbled by what you do, and it’s the privilege of a lifetime to work alongside you. I want to thank you from the bottom of my heart for all the late hours and extra trips, all the times you refuse to settle for anything less than excellence in our work together.

Let’s take this moment to thank our customers, our suppliers and business partners, the Apple developer community, our coworkers and all those who came before us at this remarkable company.

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.

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.

Tim

Cook is certainly correct. A $1 trillion market cap may be a staggering achievement, but there are lots of things that make Apple a wonderful company. Even if you don’t use its products, you have to admire its commitment to privacy, protecting the environment, and valuing its workers.

Putting $1 trillion in perspective

In case you’re struggling to grasp just how significant a $1 trillion market cap is, picture this: Apple is worth more than Ford, Volkswagen, Honda, and BMW — combined! In fact, it’s worth more than every major vehicle manufacturer put together.

Not even the entire U.S. media industry, which includes Disney, Netflix, and Comcast, has a valuation greater than Apple’s.