Apple has become the first trillion dollar company today after its stock price soared on the back of excellent financial results. The iPhone maker was named as the only publicly listed US company to be valued at $1,000,000,000,000 just before 5pm this afternoon. Earlier today, the tech firm’s own stock app jumped the gun and mistakenly said Apple had already broken this milestone. But we had to wait a little while longer to witness the historic occasion.
Its stock surged to its biggest gain in a year and a half, soaring above the $207.04 value required for Apple to become a trillion dollar firm. This comes a day after Apple’s stock rose 5.89% to a record-high close of $201.50 on Wednesday following the company’s better-than-expected quarterly results, which were driven by sales of expensive devices like the iPhone X. Its shares then hit a record high of $207.05, crowning a decade-long rise fueled by the ubiquitous iPhone that transformed it from a niche player in personal computers into a global powerhouse spanning entertainment and communications. The milestone marks the financial fruit of stylish technology that has redefined society since two mavericks named Steve started the company 42 years ago.
The peak reached Thursday seemed unimaginable in 1997 when Apple teetered on the edge of bankruptcy, with its stock trading for less than $1. To survive, Apple brought back its once-exiled co-founder, Steve Jobs, as interim CEO and turned to its archrival Microsoft for a $150 million cash infusion to help pay its bills. Jobs eventually introduced such popular products as the iPod and iPhone that have driven Apple’s rise. Apple shares rose 2.7% today and they’re up 22% so far this year.