Apple on Thursday became the first private-sector company in history to be worth $1 trillion, after its share price reached an all-time high above $207.
Apple has been hovering just below a market capitalization, or valuation, of $1 trillion for a while now, but a strong showing in its third quarter earnings pushed shares upwards today.
In 2007, Chinese government-controlled PetroChina 601857.SS briefly reached a stock market value of about $1.1 trillion following its public listing in Shanghai. "We believe that even without margin expansion in core retail, the other businesses can drive significant profit growth over the coming years and will make Amazon the first trillion-dollar company", he said in a recent note to clients.
Apple saw excellent numbers during its fiscal third quarter of the year, revealing strong worldwide sales and demand for the pricey iPhone X, which helped tip revenues to a new record despite a dip in device sales.
In 2006, the year before the iPhone launch, Apple generated less than $20 billion in sales and net profit just shy of $2 billion. The company sold 41.3 million units, versus Canaccord's estimates for $40.5 million.
Apple is the first US company to hit the $1T milestone; here's why AAPL shares can climb even higher.
Add the fact that Apple also submits its quarterly 10Q filing to the US Securities and Exchange Commission, which is the "best summing" of its shares, which gives a real-time count.
Whether or not Apple can retain this market cap - or close to it - in the long run remains to be seen. "The question now is not [whether we] can we turn around Apple", he said in an early internal meeting. Speaking of which, Microsoft's Dot Com-era boom-time high would be worth about $930 billion today.
While Apple is the first company to hit the trillion dollar mark, it is likely to be followed by Alphabet, Amazon and Microsoft.