Apple is first public company worth $1 trillion

02 August, 2018, 20:08 | Author: Teresa Adams
  • Apple Buybacks May Total $21 Billion in Q2

Apple Inc updated its latest share count on Wednesday, putting the magic stock price at $207.04 that would make the iPhone maker the first publicly listed US company valued at $1 trillion.

The tech company's stock jumped 2.8 percent to as high as $207.05, bringing its gain to about 9 percent since Tuesday when it reported June-quarter results above expectations and said it bought back $20 billion of its own shares.

The $1 trillion milestone is largely symbolic, though impressive.

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Hot on the heels of a stellar earnings report that saw Apple post an astounding $53.3 billion in quarterly revenue, the Cupertino-based company has since become the first company in history to reach a $1 trillion valuation. Amazon's market cap stands at around $877 million, while Alphabet's is $851 million and Microsoft is worth about $822 million.

Apple is not the first publicly traded company in the world to surpass the trillion dollar mark though.

Apple's stock market value is greater than the combined capitalization of Exxon Mobil, Procter & Gamble and AT&T.

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"I think it just speaks to just how powerful the Apple ecosystem has become over the last few decades", GBH Insights analyst Dan Ives told CNBC. A company's market value is calculated by multiplying its current share price by the total number of shares investors hold. Stock buybacks reduce the number of shares a company has on the open market, driving up the price of the remaining shares.

Apple shares rose over three percent on a strong earnings report published earlier this week.

Although many have doubted Apple's staying power over the years, unlike many hardware makers the company has ridden the elegance and functionality of its devices.

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