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Apple’s market value hits $1 trillion

Apple’s market value hits $1 trillion

Image copyright Getty Images Apple has become the world’s first public company to be worth $1 trillion.The iPhone maker’s market value reached the figure in late morning trading in New York as its shares rose to a new record high above $207.The stock has been rising since Tuesday when it reported better than expected results…


Apple logoImage copyright Getty Images

Apple has become the world’s first public company to be worth $1 trillion.

The iPhone maker’s market value reached the figure in late morning trading in New York as its shares rose to a new record high above $207.

The stock has been rising since Tuesday when it reported better than expected results for the three months to June.

Apple beat other Silicon Valley rivals including Amazon, Microsoft and Facebook to become the first to hit the $1 trillion valuation.

Since the iPhone first went on sale in 2007, Apple shares have soared by 1,100% and have jumped almost a third in the past year.

The rise is even more astonishing – 50,000% – since the company first listed in 1980. That dwarfs the 2,000% increase for the S&P 500 over the same period.

Apple traces its origins to the garage of co-founder Steve Jobs in 1976 and was initially best known for its Mac personal computers before its smartphone paved the way for the app economy.

The iPhone transformed Apple’s fortunes. In 2006 the company had sales of less than $20bn and posted profits of almost $2bn.

Last year its sales hit $229bn, with profits of $48.4bn, making it the most profitable listed US company.

Mr Jobs died in 2011 and was succeeded as chief executive by Tim Cook.

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