Apple becomes world's first trillion dollar company

Apple becomes world's first trillion dollar company

For context, passing the $1 trillion mark means Apple now has a value greater than the gross domestic product (GDP) of all but 27 major countries, including Argentina, the Netherlands, Sweden and Switzerland, according to the CIA's world fact book.

However, because the company readjusted its share count due to buybacks at the close of Q3, Apple's stock price actually needed to hit about $207.05 per share before it can claim the title as the first trillion dollar company.

The Silicon Valley stalwart's stock has surged more than 50,000 percent since its 1980 initial public offering, dwarfing the S&P 500's approximately 2,000-percent increase during the same nearly four decades.

Apple's Earnings Per Share (EPS) grew by 40 percent year over year, and revenue grew by 17 percent year over year.

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During that time, Apple evolved from selling Mac personal computers to becoming an architect of the mobile revolution with a cult-like following.

Wall Street loved it. Apple climbed almost 9 percent since the earnings report. The company's Chief Executive Officer Tim Cook, in a call with investors, touted the company's growth in sectors such as smart home products, wearables and services such as the App Store and Apple Pay, National Public Radio reported.

The stock was last up 2.4 per cent at US$206.41, a hair below US$1 trillion.

That would put Apple's stock market value at $973 billion, based on its newly disclosed number of shares. Since 1980, IBM, Exxon Mobil, General Electric and Microsoft have also alternated as the largest publicly listed United States company. Amazon's market cap stands at around $877 million, while Alphabet's is $851 million and Microsoft is worth about $822 million. As a result, Apple has become the first company in history with a market cap in excess of $1 trillion.

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