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The beloved tech giant Apple inc. is now officially America's first trillion dollar company, beating Amazon to the historic milestone. The publicly listed US company crowned a decade long rise fuelled by its omnipresent iPhone.
Apple hit the $1 trillion mark early this morning when its stock crossed $207.05 per share. Given the volatile nature of the market, however, its possible Apple may not stay a $1 trillion company for very long, or it could bounce back and forth over the $1 trillion mark in the coming days.
Apple's revenue in the fiscal third quarter soared 17 percent to $53.3bn from the same period a year earlier on the back of sales of pricier iPhones, online services and wearable devices.
Apple has sold more than a billion iPhones. The handsets account for more than half of the company's revenue. iPhones accounted for 14.7 percent of the smartphones sold in 2017 globally.
Its easy to forget that Apple was once a niche brand, compared with Microsoft Corp. and International Business Machines Corp. Investors who smelled a good thing in 1980, when Apple went public at $22 a share, have enjoyed a more than 40,000 percent return.
Amazon, which was regarded as the next most likely to breach the $1trillion mark, was also left behind despite posting higher than expected profits last week.
Apple was co founded in 1976 in a garage by Jobs, Ronald Wayne and Steve Wozniak, who is credited with designing and building the companys first desktop computer, the Apple I, which sold for $666.66.
