Apple becomes the first company with a $1 trillion valuation

Apple becomes world's first trillion dollar company

Apple became the first US$1 trillion (S$1.3 trillion) publicly listed United States company on Thursday (Aug 2), crowning a decade-long rise fuelled by its ubiquitous iPhone that transformed it from a niche player in personal computers into a global powerhouse spanning entertainment and communications.

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

The company's stock was at $205.98, up 2.2 percent near 1555 GMT.

During that time, Apple evolved from selling Mac personal computers to becoming an architect of the mobile revolution with a cult-like following.

The milestone marks the financial fruit of stylish technology that has redefined society since two mavericks named Steve started the company 42 years ago.

The ailing Jobs handed the corporate reins to his chief lieutenant, Cook, in 2011. Apple is the first USA company to reach that lofty level. Recently, some of his older clients have bought Apple shares for their grandchildren.

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

It began an ascent on Tuesday after reporting solid results in its latest quarter. According to a quarterly report that Apple filed with the SEC on Wednesday, the company had 4,829,926,000 shares outstanding as of July 20, the most recent figure available. 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.

What makes it impressive is that Apple buys back a lot of its stock.

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