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Apple hits the $1T milestone

02 August, 2018, 20:40 | Author: Shawna Walton
  • Apple becomes world's first trillion dollar company

Apple, the world's most valuable publicly traded company, became first to reach the milestone $1 trillion market value.

Apple's stock hit a high of $207.05 per share in trading just before noon ET, putting it at the $1 trillion mark. It now accounts for 4 per cent of the S&P 500.

Apple isn't the only technology giant flirting with the trillion dollar threshold.

Apple's Earnings Per Share (EPS) grew by 40 percent year over year, and revenue grew by 17 percent year over year.

Apple shares rose 2.7 percent to an all-time high of $207.05 around midday.

During that time, Apple evolved from selling Mac personal computers to becoming an architect of the mobile revolution with a cult-like following.

Mr Jobs died in 2011 and was succeeded as chief executive by Tim Cook.

Other companies have come close to the mark, but no public U.S. company has hit a $1 trillion valuation. Recently, some of his older clients have bought Apple shares for their grandchildren.

The stock has been rising since Tuesday when it reported better than expected results for the three months to June.

Adjusted for splits, Apple's stock price has risen almost 40,000% since its initial public offering in 1980. Amazon's market cap stands at around $877 million, while Alphabet's is $851 million and Microsoft is worth about $822 million. Apple said it now has 4.83 billion shares outstanding. Incidentally, the trigger price for Apple to reach a trillion-dollar valuation has been slowly creeping upwards as the company continues to aggressively buy back shares as part of its capital return program.

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