Apple becomes world's first trillion dollar company

Apple Buybacks May Total $21 Billion in Q2

Apple Buybacks May Total $21 Billion in Q2

Apple has become the world's first public company to be worth $1 trillion.

The iPhone-maker's shares struck an all-time high of $207.05 during trading in NY, pushing its market capitalisation past the landmark trillion-dollar level to $1.02 trillion.

Apple's share price has risen 22 per cent in 2018, eclipsing the US$200 mark earlier this year and valuing the company at more than $US1 trillion.

Since the iPhone first went on sale in 2007, Apple shares have soared by 1,100% and have jumped nearly a third in the past year. 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.

Apple is not the first publicly traded company in the world to surpass the trillion dollar mark though. On Tuesday, the company said Apple Services, which includes things like the App Store and Apple Music, saw a 31% jump in revenue.

Last year, sales had risen to $229bn and profits to $48.4bn, making it the most profitable public-listed USA company.

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Apple's stock market value is greater than the combined capitalisation of Exxon Mobil (XOM.N), Procter & Gamble (PG.N) and AT&T (T.N). On Thursday, Amazon's market capitalization was around $874 billion.

Oil giant PetroChina briefly topped a trillion dollar valuation in 2007 when its stock began trading in Shanghai, but shares quickly plunged afterward.

Wall Street loved it. Apple climbed almost 9 percent since the earnings report.

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Hot on Apple's heels is Amazon.com, the second-largest listed USA company by market value, at around $880 billion, closely followed by Google-owner Alphabet and by Microsoft.

The company, which was started in a garage in Palo Alto by Steve Jobs and Steve Wozniak in 1976, has transformed the way people communicate with its ubiquitous iPhone.

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