Apple Becomes The World's First $1 Trillion Company

After Apple (AAPL) became the first American company to hit $1 trillion in market value, Cook sent a letter to his 123,000 employees.

During the day, the share price of the iPhone maker jumped by 2.8% to $207.05, passing the $1tn (£762bn) mark in NY trading. Perhaps the $1 trillion club will be getting a new member at some point this year.

In the more than four decades since Steve Jobs founded the company in a California garage, Apple has become almost synonymous with personal computing and mobile devices.

He launched the iPhone in 2007, dropping "Computer" from Apple's name and super-charging the cellphone industry, catching Microsoft, Intel, Samsung and Nokia off guard.

Apple saw excellent numbers during its fiscal third quarter of the year, revealing strong global sales and demand for the pricey iPhone X, which helped tip revenues to a new record despite a dip in device sales.

PetroChina once had a $1 trillion valuation, but only briefly, and most of its shares were owned by the Chinese government.

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Apple's stock chart today, showing a market cap of $1 trillion.

While Apple should do well in the near future, it is also true that share prices can go down as well as up.

Apple Inc (AAPL.O) Chief Executive Tim Cook said on Thursday that the iPhone maker's $1 trillion market capitalization was "not the most important measure" of the company's success but was instead a result of its focus on its products, customers and company values.

The market reacted to this success and the price of Apple stocks increased.

That's a far cry from Apple becoming some kind of poky utility, however. In fact, while the company's iPhone earnings for the quarter grew 20% year-over-year because of higher smartphone ASPs, Apple's services revenue grew 31% year-over-year as the company has been expanding its offerings for some time now.

Amazon's in second place, with a market cap of $884.86 billion, and good ol' Google (well, Alphabet, technically) is in third at $854.49 billion. Here's a look at the so-calls "Fangs", tech firms that are growing at a quick pace; Amazon, is trailing at $885 billion, Google is at $850 billion, Facebook is at $503 billion, and Netflix is at $148 billion.

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