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Apple Becomes World's 1st Company To Reach Trillion-Dollar Market Value

ASHISH MEENA | 0
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| August 3 , 2018 , 11:29 IST

Apple Inc became the world's 1st company to cross $1 trillion market value on Thursday as a rise in its share price rewarded it past the landmark valuation.

The iPhone maker stock jumped 2.8% to achieve the big number when the stock passed $207.05 a share, the day after it posted strong financial results.

Apple's share price rose up to 2,000% after Tim Cook replaced Steve Jobs as company's chief executive in 2011.

Apple has rallied past the trillion level thanks to the solid sales of both iPhone 8 and iPhone X especially in China and Japan and also surging service revenue from the App Store.

Speaking to media, Apple's finance chief, Luca Maestri said, “Growth was strong all around the world".

The company had achieved the feat of $1-trillion capitalisation 42 years after Apple was founded and 117 years after US Steel who became the first company to be valued at $1 billion in 1901.

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Now, Apple's stock market value is more than third the size of the United Kingdom's total economy and larger than the economies of Turkey and Switzerland.  

It was all started in the garage of co-founder Steve Jobs in 1976, the time when Apple had pushed its revenue beyond the economic outputs of Portugal, New Zealand and other countries.

Apple is not the first publicly traded company in the world to surpass the trillion dollar mark. Oil giant PetroChina (PTR) briefly topped a trillion dollar valuation in 2007 when its stock began trading in Shanghai, but shares quickly plunged afterwards.

PetroChina's market value plummeted to less than $260 billion by the end of 2008, representing the largest destruction of shareholder wealth in world history. PetroChina, which is also listed on the New York Stock Exchange, is now worth about $205 billion.