Apple has become the first US company with a market cap of over US$1 trillion overnight, with a jump in stock prices pushing the company past the historic milestone.
Following the tech giants Q3 earnings report in which it found a quarterly revenue of US$53.3 billion, the “best June quarter ever, and our fourth consecutive quarter of double-digit growth”, according to Apple CEO Tim Cook, stock prices jumped from approximately US$190 to approximately US$200, continuing to climb to a high of US$207.
The large jump was enough to push the company over the line faster than Amazon, which is on track to reach a US$1 trillion market cap soon, currently sitting at approximately US$885 billion.
Given the nature of the stock market, it is entirely possible the company will fluctuate below and above US$1 trillion mark, but the feather is now well in Apple’s cap.
The company is not the world’s first US$1 trillion company though, with PetroChina having briefly reached the coveted position in 2007.
Access exclusive analysis, locked news and reports with Inside Retail Weekly. Subscribe today and get our premium print publication delivered to your door every week.
