Apple becomes America’s first $1 trillion company


After a record financial quarter – and expectations of new iPhones in the fall – investors briefly pushed Apple’s market capitalisation over $1 trillion on August 2.

The smartphone giant tallied a record $53.3 billion in revenue for the last quarter, and made $11.5 billion in profit—a 32% increase in profit over the same quarter last year. This was during the quarter that’s seen as “slow,” as it falls before the season when Apple typically releases a slate of new products.

While an American company had never been valued at $1 trillion, Apple is not the first in the world to cross this milestone – Chinese oil company PetroChina hit $1 trillion in market cap in 2007. (It has since crashed and lost 80% of its valuation.) Privately held Aramco, the Saudi oil giant, valued at $2 trillion by investors, is not yet listed publicly.

Tech investment by Cloudcade look good for Pakistan

Cloudcade – a San Francisco based company is expanding its operations by announcing a studio in Pakistan for its gaming industry. The company’s move represents a big investment into the country as a tech hub, and it shows how the game business is expanding around the world.

Cofounder of Pakistan’s mobile game studio Caramel Tech, Ammar Zaeem, will lead the new studio, which already has a team of 50 engineers. With that number of employees Cloudcade Pakistan makes for the largest game studio in the country.