Apple becomes first trillion dollar United States company

Andrew Cummings
August 3, 2018

During the day, the share price of the iPhone maker jumped by 2.8% to $207.05, passing the $1tn (£762bn) mark in NY trading.

Apple last night became the first American company to reach a stock market valuation of $1 trillion, two decades after it was on the edge of bankruptcy.

Shares surged after Apple reported earnings that topped forecasts and a healthy outlook on Wednesday.

Apple is the first USA company to hit the $1T milestone; here's why AAPL shares can climb even higher.

While the thirteen digits don't lie, BusinessWeek's 1996 assessment of Apple wasn't that far-fetched. But in the bad news department, the software giant is still lagging behind a couple of competitors: Amazon is worth about $885 billion right now, and Alphabet-which is really "Google plus a couple of other firms, all of which lose money"-is worth $855 billion".

Last month, an ex-Apple engineer was charged in California with stealing trade secrets from a hush-hush self-driving auto technology project days before he quit to go to a Chinese start-up.

The iPhone 11 and iPhone 11 Plus are set to be pricey additions to the iPhone Hall of Fame, and Apple would be wise to offer a more affordable option as well.

Shortly after announcing its latest quarterly financial results, Apple is now a company that's worth over US$1 trillion.

The iPhone transformed Apple's fortunes. It now accounts for 4 percent of the S&P 500. However, the share price quickly fell back, leaving the company worth just $962 billion at the time of writing.

For one thing, the marketing guru behind the success of the Macintosh computer wishes he hadn't turned down an offer from founder Steve Jobs to return to Apple. Stock in the technology company reached the huge number during trading on Thursday.

So big was Amazon's leap that the fortune of its founder, Jeff Bezos, has skyrocketed to $147 billion - 52 per cent more than the $96.6 billion of second-placed Microsoft founder Bill Gates.

Apple isn't really the first company in the world to hit a market cap of $1 trillion-PetroChina achieved this milestone several years ago.

Adjusting for four stock splits over the years, Apple debuted on the stock market for the equivalent of 39 cents a share on December 12, 1980, compared with Thursday's high of $208.38.

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