Apple becomes first publicly traded company to be worth $1 trillion

Apple becomes first publicly traded company to be worth $1 trillion

Apple became the world's first trillion-dollar company on Thursday, as a rise in its share price saw it touch the landmark before its closest rival for the honour, retail giant Amazon.

Shares surged after Apple reported earnings that topped forecasts and a healthy outlook on Wednesday.

Apple shares rose 2.7 per cent to an all-time high of $207.05 around midday.

The $1 trillion milestone is largely symbolic, though impressive. Stock buybacks reduce the number of shares a company has on the open market, driving up the price of the remaining shares.

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The first company to ever be worth $1 trillion was Petrochina, which reached the valuation briefly on its first day of trading, following its 2007 IPO.

A company's market cap is calculated by multiplying the number of shares outstanding by its stock's share price.

Since the iPhone first went on sale in 2007, Apple shares have soared by 1,100% and have jumped nearly a third in the past year. Apple announced $100 billion in stock buybacks on May 1, the largest repurchase ever by a US public company. His ignominious departure came after losing a power struggle with John Sculley, a former Pepsico executive who he recruited to become Apple's CEO in 1983 - seven years after he and his geeky friend Steve Wozniak teamed up to start the company with the administrative help of Ronald Wayne.

Wall Street loved it. Apple climbed almost 9 percent since the earnings report. The company also boosted its revenue from services, including Apple Music and the app store.

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