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Apple’s $1 trillion mcap is not the only measure of success

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Tim Cook is bringing the euphoria down to earth.
Tim Cook is bringing the euphoria down to earth.

Image: Justin Sullivan/Getty Images

Tim Cook wants everyone to chill just a bit. 

In a memo sent to employees and obtained by Reuters, Apple CEO said it’s alright to be proud of the company reaching a $1 trillion market capitalization, but pointed out it was “not the most important measure” of success. 

“Financial returns are simply the result of Apple’s innovation, putting our products and customers first, and always staying true to our values,” Cook wrote. 

Cook is correct in his assessment that market cap alone is not the best measure of success — all one needs to do is read up on Petrochina, the Chinese oil giant that reached a $1 trillion market cap in 2007, only to lose nearly four fifths of its value by the end of next year. But Apple’s success did not come overnight; it’s a testament to the company’s ability to continuously beat analysts’ predictions and turn a profit, quarter after quarter, year after year. 

Cook’s comments come after a stellar fiscal third quarter — the best in the company’s history — in which Apple posted a revenue of $53.3 billion and net income of $11.5 billion. The company’s stock price closed at $207.39 on Thursday following the earnings report, making Apple the first-ever, publicly traded U.S. company to reach a $1 trillion market cap. 

In the memo, Cook also gave a nod to the guy that started it all — Steve Jobs. 

“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 that they can change the world are the ones who do,” he wrote. 

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