Apple reaches $1 trillion value
Apple has become the first US company with a market cap of more than US$1 trillion overnight, with a jump in stock prices pushing the company past the historic milestone.
Following the tech giants Q3 earnings report in which it found a quarterly revenue of US$53.3 billion, the “best June quarter ever, and our fourth consecutive quarter of double-digit growth”, according to Apple CEO Tim Cook, stock prices jumped from approximately US$190 to approximately US$200, continuing to climb to a high of US$207.
The large jump was enough to push the company over the line faster than Amazon, which is on track to reach a US$1 trillion market cap soon, currently sitting at approximately US$885 billion.
Given the nature of the stock market, it is entirely possible the company will fluctuate below and above US$1 trillion mark, but the feather is now well in Apple’s cap.
The company is not the world’s first US$1 trillion company though, with PetroChina having briefly reached the coveted position in 2007.