Financial fruit: Apple becomes 1st trillion-dollar company

Apple becomes world's first trillion dollar company

Apple Inc. on Thursday became the first USA company to surpass $1 trillion in market value, underscoring the iPhone maker's explosive growth and its role in the technology industry's ascent to the forefront of the global economy and markets.

The share price jumped by more than 8 percent this week after Apple reported impressive quarterly earnings on Tuesday, driven largely by strong sales for high-price iPhones.

Shares of the company rose 3% Thursday, and are up about 31% over the past year. One of his biggest coups came in 1998 when he lured a soft-spoken Southerner, Tim Cook, away from Compaq Computer at a time when Apple's survival remained in doubt.

UPDATE: Aug. 2, 2018, 11:52 a.m. EDT Apple is officially the first company to hit $1 trillion market cap, according to CNBC.

Elsewhere, Saudi Aramco, the state-owned oil company of Saudi Arabia, has reportedly been eyeing a public offering that could value it near $2 trillion, but a potential listing has been mired in delays. The largest one, also by Apple, totaled $22.8 billion in this year's first quarter.

Apple hit the US$1 trillion mark when its shares reached an all-time high of US$207.05 around midday in NY (4am NZT).

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Back in 1997, the feat they reached today seemed unimaginable as the Toronto Star writes that their stock was being traded at less than $1.

While Apple is without any doubts ahead of other US-based high-tech companies in terms of market cap, it is not the world's most expensive firm per se.

"I think it just speaks to just how powerful the Apple ecosystem has become over the last few decades", GBH Insights analyst Dan Ives told CNBC.

Apple's stock has been buoyant ever since it released its fiscal Q3 earnings, which were mostly positive for the company.

A year or two ago, the prospect of Apple hitting an iPhone price ceiling might have hammered Apple shares.

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