LONDON – Apple just became the world’s first company worth $1 trillion.Cupertino’s shares climbed on Thursday to hit the magic number of $207.5,making it the first ever company to reach a market value of $1 trillion.
The latest surge came when Apple’s second-quarter results of 2018 toppedWall Street’s expectations and sent the stock climbing by more than 5% onWednesday. The price translated to $1 trillion market value and is based onthe current estimated number of outstanding shares.
What started as a small company in a garage in California has turned out tobecome a behemoth of the tech industry, after the launch of the iPhone,arguably Apple’s most famous product. Apple now sells over 40 million ofthese devices every quarter propelling it to amass $254.63 billion inrevenue last year.
What’s even more impressive is that Apple’s stock price has risen nearly40,000% since its initial selling in 1980.
What’s even more impressive is Apple’s non-hardware services that arefueling Apple’s continued growth. On Tuesday the company reported AppleServices, which include things like Apple Store and Apple Music, witnesseda 31% jump in revenue.
After passing the $1 trillion mark, Apple now has a value greater than thegross domestic product of all but 26 major countries, including Argentina,Netherlands, Sweden, and Switzerland according to CIA’s World Factbook.