Published: Thu, August 02, 2018
Finance | By Jaime Brady

Apple becomes first company to hit $1 trillion market cap

Apple becomes first company to hit $1 trillion market cap

Apple has become the world's first public company to be worth $1 trillion.

The market capitalization of Apple reached $1 trillion on Thursday. It now accounts for 4 per cent of the S&P 500. Apple briefly hit the $1 trillion mark before falling back below it amid fast-moving trade.

The tech company, launched in 1976 in a Los Altos garage, revolutionized personal computing - popularizing experimental technologies developed in the Xerox Parc research labs, such as the mouse and graphical user interface.

Jobs, who died in 2011, was succeeded as chief executive by Tim Cook, who has doubled the company's profits but struggled to develop a new product to replicate the society-altering success of the iPhone, which has seen sales taper off in recent years.

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This makes Apple worth more than the economies of countries such as Saudi Arabia, Switzerland and Taiwan. "A clean beat on the path to $1 trillion". Analysts have said Apple needs a new smartphone to keep up the good sales, but the company passed the $1 trillion mark because of strong sales of the iPhone 8 and X in China and Japan. Recently, some of his older clients have bought Apple shares for their grandchildren.

Apple's stock has risen more than 50,000% since it first listed in 1980.

The stock has been rising since Tuesday when it reported better than expected results for the three months to June.

That would put Apple's stock market value at $973 billion, based on its newly disclosed number of 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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