Apple is first public company worth $1 trillion

Apple is first public company worth $1 trillion

On Thursday, Apple became the first U.S. company to ever reach a $1 trillion worth when its shares climbed past $207.05, even reaching a new all-time high of $208.38.The record-breaking shares came after the firm announced impressive earnings that beat even optimistic forecasts.

The iPhone and MacBook maker has seen its stock rise over 50,000% since it was first listed as a public company in 1980.

Apple has just become the first company to be valued at $1 trillion, which is triumphant or depressing depending on how you look at it.

Started in the garage of co-founder Steve Jobs in 1976, that Apple has pushed its revenue beyond the economic outputs of Portugal, New Zealand and other countries, reports Reuters. Apple is the first USA company to reach that lofty level.

While the thirteen digits don't lie, BusinessWeek's 1996 assessment of Apple wasn't that far-fetched. Amazon's in second place, with a market cap of $884.86 billion, and good ol' Google (well, Alphabet, technically) is in third at $854.49 billion.

Tim Cook thinks that, while it is a milestone for Apple, it is "not the most important measure of our success".

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Apple has successfully reached a market capitalization of $1 trillion following this week's earnings release.

The achievement was due to a solid financial quarter in which the company posted a record $53 billion revenue, and of course a long history of beating expectations despite constant predictions that the company has peaked.

Billions of dollars that Apple has been spending to buy back shares was thought to have helped propel the company past the one-trillion-dollar mark for market value. The only way Apple could possibly recover, the reporter concluded, was to create some "insanely great" products, a reference to the well-known Steve Jobs catchphrase.

More recently, Apple has been in a race to $1 trillion with Seattle-based e-commerce giant Amazon, which is now valued around $879 billion.

But there's no law against a company being worth more than $1 trillion. Gartner says that Amazon earned $12.2 billion in cloud revenues previous year, compared to $3.1 billion.

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