Apple's Stocks app has mistakenly labelled its creator as the world's first trillion-dollar company.
The firm has been hovering around the $1 trillion mark for some time, and breaking through would represent a major milestone. But the company falsely claimed to have already broken through it, because of a technical fault with the app built into the iPhone.
After it announced its better-than-expected results this week, Apple also bought back some of its shares. That meant that the stock price needed to push through the record went up – from around $204 to $207.
Gadgets and tech news in pictures + show all Gadgets and tech news in pictures 1/43 Designed by Pierpaolo Lazzarini from Italian company Jet Capsule. The I.F.O. is fuelled by eight electric engines, which is able to push the flying object to an estimated top speed of about 120mph. Jet Capsule/Cover Images 2/43 A humanoid robot gestures during a demo at a stall in the Indian Machine Tools Expo, IMTEX/Tooltech 2017 held in Bangalore Getty Images 3/43 A humanoid robot gestures during a demo at a stall in the Indian Machine Tools Expo, IMTEX/Tooltech 2017 held in Bangalore Getty Images 4/43 Engineers test a four-metre-tall humanoid manned robot dubbed Method-2 in a lab of the Hankook Mirae Technology in Gunpo, south of Seoul, South Korea Jung Yeon-Je/AFP/Getty Images 5/43 Engineers test a four-metre-tall humanoid manned robot dubbed Method-2 in a lab of the Hankook Mirae Technology in Gunpo, south of Seoul, South Korea Jung Yeon-Je/AFP/Getty Images 6/43 The giant human-like robot bears a striking resemblance to the military robots starring in the movie 'Avatar' and is claimed as a world first by its creators from a South Korean robotic company Jung Yeon-Je/AFP/Getty Images 7/43 Engineers test a four-metre-tall humanoid manned robot dubbed Method-2 in a lab of the Hankook Mirae Technology in Gunpo, south of Seoul, South Korea Jung Yeon-Je/AFP/Getty Images 8/43 Waseda University's saxophonist robot WAS-5, developed by professor Atsuo Takanishi Rex 9/43 Waseda University's saxophonist robot WAS-5, developed by professor Atsuo Takanishi and Kaptain Rock playing one string light saber guitar perform jam session Rex 10/43 A test line of a new energy suspension railway resembling the giant panda is seen in Chengdu, Sichuan Province, China Reuters 11/43 A test line of a new energy suspension railway, resembling a giant panda, is seen in Chengdu, Sichuan Province, China Reuters 12/43 A concept car by Trumpchi from GAC Group is shown at the International Automobile Exhibition in Guangzhou, China Rex 13/43 A Mirai fuel cell vehicle by Toyota is displayed at the International Automobile Exhibition in Guangzhou, China Reuters 14/43 A visitor tries a Nissan VR experience at the International Automobile Exhibition in Guangzhou, China Reuters 15/43 A man looks at an exhibit entitled 'Mimus' a giant industrial robot which has been reprogrammed to interact with humans during a photocall at the new Design Museum in South Kensington, London Getty 16/43 A new Israeli Da-Vinci unmanned aerial vehicle manufactured by Elbit Systems is displayed during the 4th International conference on Home Land Security and Cyber in the Israeli coastal city of Tel Aviv Getty 17/43 Electrification Guru Dr. Wolfgang Ziebart talks about the electric Jaguar I-PACE concept SUV before it was unveiled before the Los Angeles Auto Show in Los Angeles, California, U.S Reuters 18/43 The Jaguar I-PACE Concept car is the start of a new era for Jaguar. This is a production preview of the Jaguar I-PACE, which will be revealed next year and on the road in 2018 AP 19/43 Japan's On-Art Corp's CEO Kazuya Kanemaru poses with his company's eight metre tall dinosaur-shaped mechanical suit robot 'TRX03' and other robots during a demonstration in Tokyo, Japan Reuters 20/43 Japan's On-Art Corp's eight metre tall dinosaur-shaped mechanical suit robot 'TRX03' Reuters 21/43 Japan's On-Art Corp's eight metre tall dinosaur-shaped mechanical suit robot 'TRX03' performs during its unveiling in Tokyo, Japan Reuters 22/43 Singulato Motors co-founder and CEO Shen Haiyin poses in his company's concept car Tigercar P0 at a workshop in Beijing, China Reuters 23/43 The interior of Singulato Motors' concept car Tigercar P0 at a workshop in Beijing, China Reuters 24/43 Singulato Motors' concept car Tigercar P0 Reuters 25/43 A picture shows Singulato Motors' concept car Tigercar P0 at a workshop in Beijing, China Reuters 26/43 Connected company president Shigeki Tomoyama addresses a press briefing as he elaborates on Toyota's "connected strategy" in Tokyo. The Connected company is a part of seven Toyota in-house companies that was created in April 2016 Getty 27/43 A Toyota Motors employee demonstrates a smartphone app with the company's pocket plug-in hybrid (PHV) service on the cockpit of the latest Prius hybrid vehicle during Toyota's "connected strategy" press briefing in Tokyo Getty 28/43 An exhibitor charges the battery cells of AnyWalker, an ultra-mobile chasis robot which is able to move in any kind of environment during Singapore International Robo Expo Getty 29/43 A robot with a touch-screen information apps stroll down the pavillon at the Singapore International Robo Expo Getty 30/43 An exhibitor demonstrates the AnyWalker, an ultra-mobile chasis robot which is able to move in any kind of environment during Singapore International Robo Expo Getty 31/43 Robotic fishes swim in a water glass tank displayed at the Korea pavillon during Singapore International Robo Expo Getty 32/43 An employee shows a Samsung Electronics' Gear S3 Classic during Korea Electronics Show 2016 in Seoul, South Korea Reuters 33/43 Visitors experience Samsung Electronics' Gear VR during the Korea Electronics Grand Fair at an exhibition hall in Seoul, South Korea Getty 34/43 Amy Rimmer, Research Engineer at Jaguar Land Rover, demonstrates the car manufacturer's Advanced Highway Assist in a Range Rover, which drives the vehicle, overtakes and can detect vehicles in the blind spot, during the first demonstrations of the UK Autodrive Project at HORIBA MIRA Proving Ground in Nuneaton, Warwickshire PA wire 35/43 Chris Burbridge, Autonomous Driving Software Engineer for Tata Motors European Technical Centre, demonstrates the car manufacturer's GLOSA V2X functionality, which is connected to the traffic lights and shares information with the driver, during the first demonstrations of the UK Autodrive Project at HORIBA MIRA Proving Ground in Nuneaton, Warwickshire PA wire 36/43 Ford EEBL Emergency Electronic Brake Lights is demonstrated during the first demonstrations of the UK Autodrive Project at HORIBA MIRA Proving Ground in Nuneaton, Warwickshire PA 37/43 Full-scale model of 'Kibo' on display at the Space Dome exhibition hall of the Japan Aerospace Exploration Agency (JAXA) Tsukuba Space Center, in Tsukuba, north-east of Tokyo, Japan EPA 38/43 Miniatures on display at the Space Dome exhibition hall of the Japan Aerospace Exploration Agency (JAXA) Tsukuba Space Center, in Tsukuba, north-east of Tokyo, Japan. In its facilities, JAXA develop satellites and analyse their observation data, train astronauts for utilization in the Japanese Experiment Module 'Kibo' of the International Space Station (ISS) and develop launch vehicles EPA 39/43 The robot developed by Seed Solutions sings and dances to the music during the Japan Robot Week 2016 at Tokyo Big Sight. At this biennial event, the participating companies exhibit their latest service robotic technologies and components Getty 40/43 The robot developed by Seed Solutions sings and dances to music during the Japan Robot Week 2016 at Tokyo Big Sight Getty 41/43 Government and industry are working together on a robot-like autopilot system that could eliminate the need for a second human pilot in the cockpit AP 42/43 Aurora Flight Sciences' technicians work on an Aircrew Labor In-Cockpit Automantion System (ALIAS) device in the firm's Centaur aircraft at Manassas Airport in Manassas, Va. AP 43/43 Flight Simulator Stefan Schwart and Udo Klingenberg preparing a self-built flight simulator to land at Hong Kong airport, from Rostock, Germany EPA 1/43 Designed by Pierpaolo Lazzarini from Italian company Jet Capsule. The I.F.O. is fuelled by eight electric engines, which is able to push the flying object to an estimated top speed of about 120mph. Jet Capsule/Cover Images 2/43 A humanoid robot gestures during a demo at a stall in the Indian Machine Tools Expo, IMTEX/Tooltech 2017 held in Bangalore Getty Images 3/43 A humanoid robot gestures during a demo at a stall in the Indian Machine Tools Expo, IMTEX/Tooltech 2017 held in Bangalore Getty Images 4/43 Engineers test a four-metre-tall humanoid manned robot dubbed Method-2 in a lab of the Hankook Mirae Technology in Gunpo, south of Seoul, South Korea Jung Yeon-Je/AFP/Getty Images 5/43 Engineers test a four-metre-tall humanoid manned robot dubbed Method-2 in a lab of the Hankook Mirae Technology in Gunpo, south of Seoul, South Korea Jung Yeon-Je/AFP/Getty Images 6/43 The giant human-like robot bears a striking resemblance to the military robots starring in the movie 'Avatar' and is claimed as a world first by its creators from a South Korean robotic company Jung Yeon-Je/AFP/Getty Images 7/43 Engineers test a four-metre-tall humanoid manned robot dubbed Method-2 in a lab of the Hankook Mirae Technology in Gunpo, south of Seoul, South Korea Jung Yeon-Je/AFP/Getty Images 8/43 Waseda University's saxophonist robot WAS-5, developed by professor Atsuo Takanishi Rex 9/43 Waseda University's saxophonist robot WAS-5, developed by professor Atsuo Takanishi and Kaptain Rock playing one string light saber guitar perform jam session Rex 10/43 A test line of a new energy suspension railway resembling the giant panda is seen in Chengdu, Sichuan Province, China Reuters 11/43 A test line of a new energy suspension railway, resembling a giant panda, is seen in Chengdu, Sichuan Province, China Reuters 12/43 A concept car by Trumpchi from GAC Group is shown at the International Automobile Exhibition in Guangzhou, China Rex 13/43 A Mirai fuel cell vehicle by Toyota is displayed at the International Automobile Exhibition in Guangzhou, China Reuters 14/43 A visitor tries a Nissan VR experience at the International Automobile Exhibition in Guangzhou, China Reuters 15/43 A man looks at an exhibit entitled 'Mimus' a giant industrial robot which has been reprogrammed to interact with humans during a photocall at the new Design Museum in South Kensington, London Getty 16/43 A new Israeli Da-Vinci unmanned aerial vehicle manufactured by Elbit Systems is displayed during the 4th International conference on Home Land Security and Cyber in the Israeli coastal city of Tel Aviv Getty 17/43 Electrification Guru Dr. Wolfgang Ziebart talks about the electric Jaguar I-PACE concept SUV before it was unveiled before the Los Angeles Auto Show in Los Angeles, California, U.S Reuters 18/43 The Jaguar I-PACE Concept car is the start of a new era for Jaguar. This is a production preview of the Jaguar I-PACE, which will be revealed next year and on the road in 2018 AP 19/43 Japan's On-Art Corp's CEO Kazuya Kanemaru poses with his company's eight metre tall dinosaur-shaped mechanical suit robot 'TRX03' and other robots during a demonstration in Tokyo, Japan Reuters 20/43 Japan's On-Art Corp's eight metre tall dinosaur-shaped mechanical suit robot 'TRX03' Reuters 21/43 Japan's On-Art Corp's eight metre tall dinosaur-shaped mechanical suit robot 'TRX03' performs during its unveiling in Tokyo, Japan Reuters 22/43 Singulato Motors co-founder and CEO Shen Haiyin poses in his company's concept car Tigercar P0 at a workshop in Beijing, China Reuters 23/43 The interior of Singulato Motors' concept car Tigercar P0 at a workshop in Beijing, China Reuters 24/43 Singulato Motors' concept car Tigercar P0 Reuters 25/43 A picture shows Singulato Motors' concept car Tigercar P0 at a workshop in Beijing, China Reuters 26/43 Connected company president Shigeki Tomoyama addresses a press briefing as he elaborates on Toyota's "connected strategy" in Tokyo. The Connected company is a part of seven Toyota in-house companies that was created in April 2016 Getty 27/43 A Toyota Motors employee demonstrates a smartphone app with the company's pocket plug-in hybrid (PHV) service on the cockpit of the latest Prius hybrid vehicle during Toyota's "connected strategy" press briefing in Tokyo Getty 28/43 An exhibitor charges the battery cells of AnyWalker, an ultra-mobile chasis robot which is able to move in any kind of environment during Singapore International Robo Expo Getty 29/43 A robot with a touch-screen information apps stroll down the pavillon at the Singapore International Robo Expo Getty 30/43 An exhibitor demonstrates the AnyWalker, an ultra-mobile chasis robot which is able to move in any kind of environment during Singapore International Robo Expo Getty 31/43 Robotic fishes swim in a water glass tank displayed at the Korea pavillon during Singapore International Robo Expo Getty 32/43 An employee shows a Samsung Electronics' Gear S3 Classic during Korea Electronics Show 2016 in Seoul, South Korea Reuters 33/43 Visitors experience Samsung Electronics' Gear VR during the Korea Electronics Grand Fair at an exhibition hall in Seoul, South Korea Getty 34/43 Amy Rimmer, Research Engineer at Jaguar Land Rover, demonstrates the car manufacturer's Advanced Highway Assist in a Range Rover, which drives the vehicle, overtakes and can detect vehicles in the blind spot, during the first demonstrations of the UK Autodrive Project at HORIBA MIRA Proving Ground in Nuneaton, Warwickshire PA wire 35/43 Chris Burbridge, Autonomous Driving Software Engineer for Tata Motors European Technical Centre, demonstrates the car manufacturer's GLOSA V2X functionality, which is connected to the traffic lights and shares information with the driver, during the first demonstrations of the UK Autodrive Project at HORIBA MIRA Proving Ground in Nuneaton, Warwickshire PA wire 36/43 Ford EEBL Emergency Electronic Brake Lights is demonstrated during the first demonstrations of the UK Autodrive Project at HORIBA MIRA Proving Ground in Nuneaton, Warwickshire PA 37/43 Full-scale model of 'Kibo' on display at the Space Dome exhibition hall of the Japan Aerospace Exploration Agency (JAXA) Tsukuba Space Center, in Tsukuba, north-east of Tokyo, Japan EPA 38/43 Miniatures on display at the Space Dome exhibition hall of the Japan Aerospace Exploration Agency (JAXA) Tsukuba Space Center, in Tsukuba, north-east of Tokyo, Japan. In its facilities, JAXA develop satellites and analyse their observation data, train astronauts for utilization in the Japanese Experiment Module 'Kibo' of the International Space Station (ISS) and develop launch vehicles EPA 39/43 The robot developed by Seed Solutions sings and dances to the music during the Japan Robot Week 2016 at Tokyo Big Sight. At this biennial event, the participating companies exhibit their latest service robotic technologies and components Getty 40/43 The robot developed by Seed Solutions sings and dances to music during the Japan Robot Week 2016 at Tokyo Big Sight Getty 41/43 Government and industry are working together on a robot-like autopilot system that could eliminate the need for a second human pilot in the cockpit AP 42/43 Aurora Flight Sciences' technicians work on an Aircrew Labor In-Cockpit Automantion System (ALIAS) device in the firm's Centaur aircraft at Manassas Airport in Manassas, Va. AP 43/43 Flight Simulator Stefan Schwart and Udo Klingenberg preparing a self-built flight simulator to land at Hong Kong airport, from Rostock, Germany EPA
But that update wasn't added to Apple's own Stocks app. That meant that a small surge in Apple's shares showed the company as being worth $1 trillion – even though it isn't.
It led to reports, including briefly on The Independent, that suggested Apple had finally beaten the milestone.
The share price data on the iPhone is provided by Yahoo Finance and pulls through not only on the app – which comes bundled with the phone – but also into Siri. That means that if you ask Siri for the current value of Apple's whole stock, it will tell you the wrong answer: $1.011 trillion at the time of publication.
While breaking through the trillion-dollar mark would be an important milestone for the market, it makes little practical difference to Apple or its shareholders. But the confusion points to the huge interest in the company's market value.
The problem happened because Apple's substantial share buyback programme – which allows it to give money back to investors – meant that some of its shares were destroyed. That took them out of circulation and meant that the total number of shares in issue went down, increasing the value the share price had to reach before it pushed the company over $1 trillion.
A company's market capitalisation or value is worked out by multiplying its share price by the number of shares that are in issue. Since there are now fewer shares, the price required to make Apple worth a trillion dollars is higher.
Apple's shares are worth $205.18, after a rise of $3.73 on Thursday morning, according to the company's own Stocks app. They need to reach $207.05 before they push through the all-important valuation.
ReasonReader on August 2nd, 2018 at 20:21 UTC »
Apple can afford to establish a lunar colony. As a shareholder, I would support such a plan.
UllrRllr on August 2nd, 2018 at 18:18 UTC »
I’m so jealous that Forest and Lt Dan got in early.
ohwhatta_gooseiam on August 2nd, 2018 at 15:33 UTC »
Also from the independent
I was curious to see if it was truly the first trillion dollar company in history, and the East India co. came to mind, and:
Fun fact of the day!