Apple becomes world’s first private sector company worth $1 trillion

Apple becomes world’s first private sector company worth $1 trillion

Apple becomes world’s first private sector company worth $1 trillion

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

The tech company, launched from a garage in 1976, has been on a steady climb through the years, revolutionizing personal computers and phones with its Macs and iPhones.

The peak reached Thursday seemed unimaginable in 1997 when Apple teetered on the edge of bankruptcy, with its stock trading for less than $1. In a call with investors, CEO Tim Cook also touted growth in other areas such as smart home products, wearables, and services like the App Store and Apple Pay.

The milestone comes a day after Apple reported blockbuster quarterly earnings.

The stock was last up 2.4 per cent at US$206.41, a hair below US$1 trillion.

That price translates to a $1 trillion market cap based on the current estimated number of outstanding shares. Recently, some of his older clients have bought Apple shares for their grandchildren.

It began an ascent on Tuesday after reporting solid results in its latest quarter.

Adjusted for splits, Apple's stock price has risen almost 40,000% since its initial public offering in 1980.

Apple generates billions from hardware sales: It had $29.9 billion in iPhone sales, up 20% year over year, for the June 30 quarter.

One of five U.S. companies since the 1980s to take a turn as Wall Street's largest company by market capitalisation, Apple could lose its lead to the likes of Alphabet or Amazon.com if it does not find a major new product or service as global demand for smartphones loses steam.

Amazon, Google owner Alphabet and Microsoft have all rallied to near record highs this year, too.

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