Apple Just Broke $1 Trillion Barrier

Apple on Thursday become the first USA company to be worth more than $1 trillion on a public stock market.

For context, passing the $1 trillion mark means Apple now has a value greater than the gross domestic product (GDP) of all but 27 major countries, including Argentina, the Netherlands, Sweden and Switzerland, according to the CIA's world fact book. Apple's own "Stocks" app, which is based on Yahoo Finance data, also put the company's value at $1.01 trillion.

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

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

The ailing Jobs handed the corporate reins to his chief lieutenant, Cook, in 2011.

Wall Street loved it. Apple climbed almost 9 percent since the earnings report.

The stock was last up 2.4 per cent at US$206.41, a hair below US$1 trillion. After launching the iPhone - arguably its most famous product - in 2007, Apple now churns out over 40 million of the devices every quarter, helping it rake in $254.63 billion in revenue a year ago.

Apple first listed in 1980 and its stock has risen more than 50,000% since then.

Hot on Apple's heels is Amazon.com, the second-largest listed U.S. company by market value, at around US$880 billion, closely followed by Google-owner Alphabet and by Microsoft.

As Bloomberg pointed out, the number of shares outstanding has been falling about 1.3% per quarter as Apple buys back its shares.

Apple beat other Silicon Valley rivals including Amazon, Microsoft and Facebook to become the first to hit the $1 trillion valuation.

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