Apple becomes the first company with a $1 trillion valuation

Apple becomes the first company with a $1 trillion valuation

Apple becomes the first company with a $1 trillion valuation

Apple just became the first American public company to cross $1 trillion in value.

The tech company, launched from a garage in 1976, has been on a steady climb through the years, revolutionizing personal computers and phones with its Macs and iPhones.

The iPhone maker's market capitalisation reached the figure in afternoon trading in NY as its shares rose above $207.

A year ago its sales hit $229bn, with profits of $48.4bn, making it the most profitable listed USA company.

Apple isn't the only technology giant flirting with the trillion dollar threshold.

Apple shares rose 2.7 percent to an all-time high of $207.05 around midday.

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Apple is not the first publicly traded company in the world to surpass the trillion dollar mark though. Recently, some of his older clients have bought Apple shares for their grandchildren.

Apple generates billions from hardware sales: It had $29.9 billion in iPhone sales, up 20% year over year, for the June 30 quarter.

The rise is even more astonishing - 50,000% - since the company first listed in 1980.

In its report on Tuesday, Apple sales led by the iPhone X, which sells for about US$1,000, pushed quarterly results far beyond Wall Street targets, with subscriptions from App Store, Apple Music and iCloud services bolstering business.

As Bloomberg pointed out, the number of shares outstanding has been falling about 1.3% per quarter as Apple buys back its shares. Amazon is valued at $870 billion, Google-parent Alphabet has a market valuation of $850 million and Microsoft's market cap is at just under $815 billion.

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