Apple Becomes First U.S. Company to be Worth $1 Trillion

People walk past an Apple store in New York the United States Aug. 2 2018

People walk past an Apple store in New York the United States Aug. 2 2018

Apple became the first $1 trillion on Thursday, briefy crossing the lofty mark in a closely-watched rise in stock market history.

A lower share count means Apple's stock must reach a higher price to reach a $1 trillion market capitalization. It now accounts for 4 per cent of the S&P 500.

The milestone comes a day after Apple reported blockbuster quarterly earnings. Apple's own "Stocks" app, which is based on Yahoo Finance data, also put the company's value at $1.01 trillion.

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The tech company, launched from a garage in 1976, has been on a steady climb through the years, revolutionizing personal computers and phones with its Macs and iPhones.

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

Jobs, who died in 2011, was succeeded as chief executive by Tim Cook, who has doubled the company's profits but struggled to develop a new product to replicate the society-altering success of the iPhone, which has seen sales taper off in recent years. "A clean beat on the path to $1 trillion".

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In 2007, Chinese government-controlled PetroChina briefly reached a stock market value of about US$1.1 trillion following its public listing in Shanghai. Recently, some of his older clients have bought Apple shares for their grandchildren.

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

Amazon is in second place at $866bn, followed by Alphabet, the parent company of Google, at $843bn.

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Of 47 analysts covering Facebook , 43 still rate the stock as "buy", two rate it "hold" and only two rate it "sell". The company doesn't make as much money from Stories as it does from its News Feed and other features on its site.

As Bloomberg pointed out, the number of shares outstanding has been falling about 1.3% per quarter as Apple buys back its shares.

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