Apple has become the first US company with a market cap of over $1 trillion. This follows a jump in its stock after reporting Strong Q3 Report that saw the iPhone maker surpass both its own projections and analysts’ estimates, while also making a strong forecast for its upcoming Q4 earnings.
The company, which nearly went bankrupt in the 1990s, hits a market capitalization that’s bigger than the GDPs of all but 15 countries.
Yet it’s tough to reconcile Apple earning $11 billion in profit per quarter with it still screwing us over on cords and keyboards. The “it just works” philosophy has slipped through the cracks of the money-printing machine. It’s not that Apple couldn’t afford to fix the problems, it’s just ensnared in hubris such that it doesn’t see them as important.
We still turn to Apple because it makes the best core products. But the edges of the customer experience have frayed like the wires of a Lightning cable. The key to Apple’s fortune is obviously selling high margin iPhones, not these ways it nickels and dimes us. But the company has an opportunity to raise its standards after this milestone, and win back the faith that could push it to a $2 trillion market cap.