Apple hits record market capitalisation of $1 trillion


Apple has become the world's first public company to be worth $1 trillion (£767bn), with the firm's Q3 results boosting stock prices high thanks to better than expected results. Despite a decent earnings report, though, Amazon ended up a few millions short and stabilized near $900 billion for most of the past week.

Shares of Apple finished the formal Wall Street trading day at US$207.39, topping the magic number two days after the California tech giant reported strong quarterly earnings. Now that Apple proudly sits at $1.004 trillion, what does it mean for Apple's CEO Tim Cook?

Apple's stock market value is greater than the combined capitalisation of Exxon Mobil, Procter & Gamble and AT&T.

Today Apple passed a significant milestone.

Apple on Thursday became the first publicly traded U.S. corporation to reach a market capitalization of $1 trillion, beating other tech giants, such as Amazon, Alphabet and Microsoft, in the race to reach the milestone. Those equities were set up to be paid out over the term of 10 years, provided that Apple's stock growth consistently exceeds the S&P 500 index.

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Started in the garage of co-founder Steve Jobs in 1976, Apple has pushed its revenue beyond the economic outputs of Portugal, New Zealand and other countries.

On Wednesday, Apple's shares closed up nearly 6 percent and this was seen as its best one-day gain in 18 months, after reporting better-than-expected results on Tuesday night.

Cook mentioned in the memo, "Financial returns are simply the result of Apple's innovation, putting our products and customers first, and always staying true to our values". While we have much to be proud of in this achievement, it's not the most important measure of our success. It now accounts for 4% of the S&P 500.

For Cook, more important than growing your company's public market valuation to a particular level is the ability to create a world-class team committed to the success of the company.

"Just as Steve always did in moments like this, we should all look forward to Apple's bright future and the great work we'll do together".