Markets

Apple becomes first $1 trillion publicly listed United States firm

Apple becomes first $1 trillion publicly listed United States firm

The share price surge is credited to recent quarterly financial results that surprised investors on Wall Street for being better than expected.

USA tech companies have cemented their position in the broader market, now making up the top five most valuable enterprises based on share prices.

Even with its $1,000,000,000,000 stock market value, many analysts do not view Apple's shares as expensive.

Although many have doubted Apple's staying power over the years, unlike many hardware makers the company has ridden the elegance and functionality of its devices. Revenue from the smartphone jumped 20 percent in the latest quarter as customers snapped up the $1,000 iPhone X. The average price was $724, up 19 percent from a year earlier.

Stock has surged more than 50,000 per cent since its 1980 initial public offering, dwarfing the S&P 500's approximately 2,000-per cent increase during the same nearly four decades.

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Here's one: today, Apple became the first U.S. company to surpass a total market capitalization of $1 trillion (trillion as in a thousand billions).

For what it's worth, Apple's trillion-dollar debut comes during one of the company's highest heights in terms of products. PetroChina briefly crossed it in November 2007, but for less than a day. The state-controlled oil firm is now valued at less than $500 billion and is smaller than the Chinese tech giant Alibaba.

More than $600 billion of Apple's current market value has been created while Cook has been CEO.

In fact, Amazon, Alphabet, and Microsoft could soon be joining Apple over the $1 trillion threshold - currently, they're worth $886 billion, $844 billion, and $825 billion respectively.

Meanwhile, Amazon had the second-largest USA market cap as of Wednesday, which was around $872.5 billion, according to Business Insider.


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