Apple just became the first $1 trillion public company

Sales of the Apple iPhone have transformed the business over the past decade

Apple hit the US$1 trillion mark when its shares reached an all-time high of US$207.05 around midday in NY (4am NZT).

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

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

Before the release of the iPhone, Apple was reporting revenue of less than $20bn and profits of less than $2bn from the sale of its Mac personal computers in 2006. "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. Here's a look at the so-calls "Fangs", tech firms that are growing at a quick pace; Amazon, is trailing at $885 billion, Google is at $850 billion, Facebook is at $503 billion, and Netflix is at $148 billion.

"Apple went from hip to has-been in just 19 years", wrote the publication at the time.

It is a market development that has been in the pipeline for well over a year.

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.

It turns out that the high-priced iPhone X didn't turn off customers (unit sales were essentially flat year-over-year) as much as it raised the company's overall average selling prices. It now accounts for 4 percent of the S&P 500. Apple said it now has 4.83 billion shares outstanding.

For one thing, the marketing guru behind the success of the Macintosh computer wishes he hadn't turned down an offer from founder Steve Jobs to return to Apple. Stock buybacks reduce the number of shares a company has on the open market, driving up the price of the remaining shares.

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. Therefore, Apple still needs to grow further in a bid to become the world's most valuable company in history.

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