Economy

Apple hits record $1T U.S. stock market valuation

Apple hits record $1T U.S. stock market valuation”

Apple is not the first publicly traded company in the world to surpass the trillion dollar mark though.

Apple on Thursday become the first U.S. company to be worth more than $1 trillion on a public stock market. The company also boosted its revenue from services, including Apple Music and the app store.

The company on Tuesday reported second-quarter earnings that topped Wall Street expectations, sending shares surging by more than 5% into Wednesday.

Its stock surged to its biggest gain in a year and a half today, soaring above the $207.04 value required for Apple to become a trillion dollar firm.

The computer and mobile phone giant, co-founded to sell personal computers by the late Steve Jobs in 1976, reached the watermark after its shares hit $207.05, the day after it posted strong financial results.

Still, the iPhone maker's stock is still up 2.3% on Thursday, and up 31% over the past year. Apple is the first USA company to reach that lofty level.

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. After launching the iPhone - arguably its most famous product - in 2007, Apple now churns out over 40 million of the devices every quarter, helping it rake in $254.63 billion in revenue previous year.

Apple's stock has risen more than 50,000% since it first listed in 1980. "A clean beat on the path to $1 trillion". In recent years, Apple has been working to spread its cult-like following to newer devices like smart watches, cordless headphones and smart home speakers.



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