Apple is first public company worth $1 trillion


Today, Apple earned both a company and world record: It hit a market capitalization of $1 trillion, making Apple the first US company to reach this milestone.

The iPhone maker's market capitalisation reached the figure in afternoon trading in NY as its shares rose above $207.

The company's share jumped by more than 8% this week after it reported impressive quarterly earnings on Tuesday, driven largely by increase in sales of iPhones. That's because it failed to take into account an updated share count which meant that AAPL had to pass $207.05 to officially qualify for the $1 trillion mark.

In 2007, Chinese government-controlled PetroChina (601857.SS) briefly reached a stock market value of about $1.1 trillion following its public listing in Shanghai.

Founder Steve Jobs' return to Apple in the late-1990s helped turned around the company's fortune.

The rise is even more astonishing - 50,000% - since the company first listed in 1980.

More news: Mystery as student vanishes while out for night time jog

Launched on a shoestring budget in a Silicon Valley garage more than four decades ago, Apple survived a near-miss with bankruptcy before soaring to a trillion-dollar market value on Thursday.

However, not too behind as another United States company Amazon is also on the verge of hitting the $1 trillion as market insiders are confident of its positive Q3 results. Apple's market capitalization - a common financial measure of worth which multiplies the number of shares by the share price - makes the company worth more than the economies of, for example, Saudi Arabia, Switzerland and Taiwan.

Adjusting for four stock splits over the years, Apple debuted on the stock market for the equivalent of 39 cents a share on December 12, 1980, compared to Thursday's high of $207.05.

Apple shares rose over three percent on a strong earnings report published earlier this week.

"The organic growth of these so-called steady-eddie companies is nowhere near that of Apple", [Cramer] said of the consumer packaged goods plays. The so-called FAANG stocks, which include Facebook, Amazon, Apple, Netflix, and Google parent Alphabet, started the week with a collective plunge.

Apple chief executive Tim Cook has struggled to find another product as society-altering as the iPhone.