Apple Hits The Big $1 Trillion, The First Company To Do It
Apple has hit the big ten ton becoming the world’s first public company to be worth US $1 trillion or A$1.36 trillion)
The iPhone maker’s market value reached the figure overnight with their shares now worth US$207.39.
Tipping them into new territory was better than expected results for the three months to June, the battle now for Apple is to hold onto the gains as sales of iPhones wobble.
Apple beat Silicon Valley rivals such as Amazon and Microsoft to become the first to hit the $1 trillion valuation.
Since the iPhone first went on sale in 2007, Apple shares have soared by 1,100% and have jumped almost a third in the past year.
Apple traces its origins to the garage of co-founder Steve Jobs in 1976 and was initially best known for its Mac personal computers before its smartphone paved the way for the app economy.
Mr Jobs, who died in 2011 and was succeeded as chief executive by Tim Cook, who is still delivering results based on products such as the iPhone, which was developed and delivered by Jobs.
In 2006 the company had sales of less than $20bn and posted profits of almost $2bn.
Last year its sales hit $229bn, with profits of $48.4bn, making it the most profitable listed US company.
Also boosting Apple shares in recent months was the company’s decision to set aside $100bn to buy back stock.