Apple got lucky, says Kris Gopalakrishnan as IT behemoth hits $1 tn mark

As technology firm Apple Inc became the first $1 trillion publicly listed US company, crowning a decade-long rise fueled by its iPhone sales that transformed it from a niche player in personal computers into a global powerhouse, global technology service provider Infosys' co-founder Kris Gopalakrishnan expressed his happiness saying "Apple got lucky, being at the right place at the right time"

Apple Inc's stock jumped 2.9 percent on Friday to end the day at $207.39, giving it a market capitalization of $1.002 trillion. Image source: Reuters

As technology firm Apple Inc became the first $1 trillion publicly listed US company, crowning a decade-long rise fueled by its iPhone sales that transformed it from a niche player in personal computers into a global powerhouse, global technology service provider Infosys' co-founder Kris Gopalakrishnan expressed his happiness saying "Apple got lucky, being at the right place at the right time".

In an interview with ET Now news channel, Gopalakrishnan said "If global economy grows at 3-5%, it will double in a few years, may be in 10 years." When asked what does it mean for world market, he said it will inspire other companies also, because "The threshold has been reached and other companies will now try to reach this milestone".Terming Steve Jobs as a business guru, he said, the man is an inspiration to a generation of entrepreneurs and added that Apple is a fantastic implementation engine. Talking about the reason behind the success of Apple, Kris said "They stayed focussed and that is the beauty of Apple."

The company has provided services a very innovative way, he said, while adding that combination of product meshed with user service has brought success to Apple. Asked about India's significance as a huge market, and on expectations of any company here hitting trillion mark, he said "as an industry person this must happen. Which company and when only time will tell."

Yesterday, Apple Inc's stock jumped 2.9 percent to end the day at $207.39, giving it a market capitalization of $1.002 trillion. During the session, the firm's stock market value reached as much as $1.006 trillion. According to a Reuters report, Apple has rallied about 9 percent since Tuesday, when it reported June-quarter results above expectations and said it bought back $20 billion of its own shares. It was Apple`s best two-day run since April 2014.

In a memo to Apple`s more than 120,000 employees on Thursday, Chief Executive Tim Cook reportedly said that $1 trillion valuation was "a significant milestone" that gave Apple employees "much to be proud of." But he said it was "not the most important measure" of the company`s 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 said.

Apple`s stock market value is reportedly greater than the combined capitalization of Exxon Mobil Corp, Procter & Gamble Co and AT&T Inc. It now accounts for 4 percent of the S&P 500. Started in the garage of co-founder Steve Jobs in 1976, Apple has pushed its revenue beyond the economic outputs of Portugal, New Zealand and other countries. Along the way, it has changed how consumers connect with one another and how businesses conduct daily commerce.

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