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Apple CEO: $1 Trillion Value Not Most Important Measure Of Success


Tech giant Apple Inc. (AAPL) on Thursday became the first U.S. public company to reach $1 trillion market valuation, but Chief Executive Officer Tim Cook said it was "not the most important measure" of the company's success.

In a memo to Cupertino, California-based Apple's more than 120,000 employees, Cook noted that the $1 trillion valuation was a "significant milestone" that gave the iPhone maker much to be proud of.

Cook said, "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."

Cook thanked Apple's employees for all the late hours and extra trips put in by them, saying he was "deeply humbled" by what they did.

He urged the employees to thank the company's customers, suppliers and business partners, the Apple developer community, and coworkers for the success.

Cook also credited Apple co-founder Steve Jobs for the company's turnaround.

"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," Cook said.

Apple, the world's most valuable public company, was also the first U.S. company to reach the $900 billion threshold after breaching the mark in November last year. It also boasts of becoming the first company to hit $800 billion when reached the milestone in May.

Apple's stock got a boost after the company on Tuesday reported third-quarter profit and revenues that trumped Wall Street estimates. The company's results were bolstered by its pricier iPhone X and its services. It also issued a strong outlook for the fourth quarter.

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