Apple becomes first company to hit $1 trillion market cap

Adjust Comment Print

Tech giant Apple has become the first USA company to top $1 trillion in market value.

The company on Tuesday reported second-quarter earnings that topped Wall Street expectations, sending shares surging by more than 5% into Wednesday. Its shares remained close to the record $207.05 throughout the day.

SAN FRANCISCO-Apple Inc. became the first $1-trillion publicly listed U.S. company on Thursday, crowning a decade-long rise fueled by its ubiquitous iPhone that transformed it from a niche player in personal computers into a global powerhouse spanning entertainment and communications.

Jobs eventually introduced popular products such as the iPod and iPhone that subsequently drove Apple's rise.

Other technology companies with high-flying, trendy stocks are expected to join Apple in the $1 trillion club before long.

Facebook CEO's one day loss is nearly Nigeria's budget in 2017
For numerous world's richest people, most especially Africa's billionaires, losing $16.8 billion in a day would be a wipeout. After a surprisingly weak growth forecast in this week's earnings report, Facebook's stock price dropped 19 percent.

Adjusted for splits, Apple's stock price has risen almost 40,000% since its initial public offering in 1980. That put Apple on a path to overtake Exxon Mobil in 2011 as the largest USA company by market value.

Earlier today, the tech firm's own stock app jumped the gun and mistakenly said Apple had already broken this milestone.

Apple has won the race to a $1 trillion valuation ahead of its so-called FAANG rivals (Facebook, Amazon, Netflix, Google). The state-controlled oil firm is now valued at less than $500 billion and is smaller than Chinese tech giant Alibaba.

- How do you like them apples? "A clean beat on the path to $1 trillion".