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【snorkeling in hanalei bay】Here's How Long It Took Apple To Reach A $100B Market Cap
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简介It shouldn't be a surprise thatApple, Inc. (NASDAQ:AAPL) rose over the last few decades to become su snorkeling in hanalei bay
It shouldn't be a surprise that
Apple,snorkeling in hanalei bay Inc
. (NASDAQ:
AAPL
) rose over the last few decades to become such a huge Wall Street presence, and the first company to reach $1 trillion in market capitalization in 2018.
It started, after all, as a mission to bring the computer, once the province of big companies and government agencies, to lots of people. Along the way, the company developed a loyal and massive following that has been mirrored on Wall Street.
Here's a look at the company's rise from IPO to $100 billion (and much higher) in market cap.
Small Start For Jobs And Wozniak
Apple's rise to one of the most capitalized companies in the world is impressive, however, considering it started with just Steve Jobs and Steve Wozniak, on their mission to create a computer anyone could get. At first, the pair couldn't get banks to the loan them money for the startup, because the idea of a computer for home use being broadly adopted was far-fetched.
"The company's growth from two guys to a billion-dollar corporation exemplifies the American dream," BYTE Magazine wrote in 1984.
But its relatively quick rise to $100 billion in market cap in 2007, less than 30 years after going public, isn't so astonishing when you consider how big it started as a publicly-traded company. Several companies remain capitalized in the tens or hundreds of millions of dollars for years, but Apple was born a $1 billion baby.
See Also:
A Brief History Of Apple Inc.
Apple's IPO
Apple started as a company in 1976, but within a few years of turning out computers, mostly for the business market, it had become the second largest maker of small computers, after Radio Shack’s Tandy division. By the time it was set to go public, there was a lot of interest.
Apple went public on Dec. 12, 1980, with a public offering of 4.6 million shares at $22 a share.
Within a day, its share price had shot up more than 30%
. Its market cap was almost immediately more than $1 billion, and quickly nearly $2 billion.
During the 1980s and 1990s its capitalization would climb, only to drop back down a few times, including falling close to $1 billion in 1998.
It was a household name by the late 1980s, particularly after the 1984 introduction of the Macintosh.
Apple would then ride the late 1990s tech boom up, quickly reaching a $10 billion market cap in the summer of 1999. By 2006, its market cap would expand seven fold to about $70 billion before a drop to about half that.
Then, it went on another run up through the first part of 2007, hitting the $100 billion mark in late May of 2007. Total time from IPO to $100 billion market capitalization: a little over 26 years.
Story continues
From there,
the market cap growth went exponential
.
It would be three more years to $200 billion and growth of about $100 billion a year until 2012. That year was crazy, as Apple went from a $400 billion company in January of 2012 to $600 billion by April. It would reach $800 billion and then the $900 billion mark both in 2017, before crossing $1 trillion in 2018.
See Also:
Here's How Long It Took Coca-Cola To Reach A 0B Market Cap
Apple Timeline
1976: Apple Computer is born when Jobs and& Wozniak registered the company they'd created in their homes.
1977: Apple II, one of the pioneering early home computers, goes on sale.
1980: Apple IPO at $22 a share and a market capitalization of just under $1.8 billion.
1984: Apple introduces The Mac.
1999: Market cap hits $10 billion.
2005: Market cap is at $50 billion.
2006: Market cap of $75 billion.
2007: Market cap Hits $100 billion.
2012: Market cap hits $400 billion, then $500 billion, then $600 billion before the end of the year.
2018: Market cap hits $1 trillion.
Apple's market capitalization was $1.32 trillion at time of publication.
Photo credit: Matthew Yohe,
Wikimedia Commons
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© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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5%, led by a 17% increase in average ticket and a slight decline in traffic. Growth in the quarter reflected the impact of households stocking up on essentials like paper goods and cleaning supplies as the pandemic became a nationwide concern, along with strength in discretionary categories as the quarter came to a close and stimulus dollars and tax refunds were disbursed.
As shown below, the results in the quarter materially changed the trend in two-year stacked comps for each of the banners, along with a significant acceleration for consolidated comps.
The increase in consolidated comps was the primary driver of an 8% increase in revenues to $6.3 billion. The company ended the quarter with 15,370 locations, up less than 1% year-over-year. This reflects a 7% increase in Dollar Tree units, offset by a 4% decline in Family Dollar units.
The top-line results at each banner flowed through to their respective income statements, with Dollar Tree gross margins and operating margins declining year-over-year while Family Dollar gross margins and operating margins expanded year-over-year. On a consolidated basis, gross margins contracted by 120 basis points in the quarter to 28.5%, reflective of a shift to lower-margin consumables, tariff costs and the impact of markdowns from the Easter headwinds at the Dollar Tree banner. The company saw slight operating leverage on SG&A from higher comps, with the net result being an 80 basis point contraction in operating margins to 5.8%, with operating income declining 5% to $366 million. This is not adjusted for $73 million of pandemic-related costs, such as PPE supplies.
In the first quarter, the company opened 85 stores (net of closures) and completed 220 Family Dollar renovations to the H2 format. Importantly, comps at renovated Family Dollar stores continue to outpace the chain average by more than 10%. On the call, management indicated that they plan on reducing both the number of new store openings (from 550 to 500) and the number of H2 renovations (from 1,250 to 750) in 2020.
Personally, given the fact that Family Dollar is seeing material benefits to its business from the pandemic with new or lapsed customers coming into its stores, I think the company should try to get more aggressive with its renovation plans, not less. On the other hand, you could argue that renovations cause short-term disruptions and limit their ability to fully capitalize on the business momentum they are currently experiencing.
As a result of fewer new stores and remodels, management now expects 2020 capital expenditures to total $1.0 billion compared to previous guidance of $1.2 billion. In addition, the company has temporarily suspended share repurchases. At quarter's end, the company had $1.8 billion in cash on its balance sheet compared to $4.3 billion in total debt.
Conclusion
In recent years, Dollar Tree has been a tale of two cities. While its namesake banner has generally delivered impressive financial results, Family Dollar has been a persistent underperformer. This quarter, those results flipped, and given what we've seen in the weeks since quarter's end, there's a decent possibility that we will see something similar in the coming months. As the CEO noted, the second quarter is off to a very good start at Family Dollar.
Here's the important question: how useful is that information is in terms of making future predictions about the business? Will recent success at Family Dollar translate into long-term success for the banner? The optimistic take is that new or lapsed customers, especially those visiting the renovated stores, could become recurring business for the banner. The pessimistic take is that they have experienced short-term success out of necessity as people went to any store that was open to try and find essentials like toilet paper and hand sanitizer that were largely out of stock throughout the retail landscape. From that view, many of these customers could abandon the retailer when life returns to normal. As Philbin noted on the conference call, early on [during the pandemic], folks needed us. Will people still shop as much at Family Dollar when it's no longer a necessity?
Personally, I do not place too much weight on the recent results. I will need to see incremental data points that indicate that Family Dollar has truly won sustained business from these new customers. While I still believe that the Dollar Tree banner is a well-positioned retailer with attractive unit returns, I'm not yet willing to say the same thing for Family Dollar. For that reason, along with the recent run-up in the stock price, I plan on staying on the sidelines for now.
Disclosure: None
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