Published: Thu, August 02, 2018
Money | By Hannah Jacobs

Apple Just Broke $1 Trillion Barrier

Apple Just Broke $1 Trillion Barrier

Adjusting for four stock splits over the years, Apple debuted on the stock market for the equivalent of 39 cents a share on Dec 12, 1980, compared to Thursday's high of US$207.05. A company's market value is calculated by multiplying its current share price by the total number of shares investors hold.

Apple has won the race to a $1 trillion valuation ahead of its so-called FAANG rivals (Facebook, Amazon, Netflix, Google).

The tech giant's stock jumped 2.8% to as high as $207.05 in afternoon trading in NY. On Tuesday, the company said Apple Services - which includes things like the App Store and Apple Music - saw a 31% jump in revenue.

Apple shares rose 2.7 percent to an all-time high of $207.05 around midday.

The milestone marks the financial fruit of stylish technology that has redefined society since two mavericks named Steve started the company 42 years ago.

Mr Jobs died in 2011 and was succeeded as chief executive by Tim Cook. Amazon is worth almost $900 billion while Google and Microsoft are each now worth more than $800 billion.

Apple generates billions from hardware sales: It had $29.9 billion in iPhone sales, up 20% year over year, for the June 30 quarter. Its net cash stood at $129 billion, according to Moody's analyst Stephen Sohn.

Apple wasn't the first company to the $1 trillion market-cap mark. PetroChina stock soon crashed to earth, losing an astounding $800 billion for shareholders in what Bloomberg News calls "the biggest stock slump in world history".

This is a breaking news story that is being updated by our reporters.

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