Economy

Apple becomes world's first trillion-dollar company

Apple becomes world's first trillion-dollar company

Apple became the first private company to surpass $1 trillion in stock market value Thursday following its latest surge after reporting strong quarterly earnings.

The company's stock was at $205.98, up 2.2 percent near 1555 GMT. The rally continued on Thursday, propelling shares to the magic number of $207.05 apiece. "A clean beat on the path to $1 trillion". Analysts polled by Bloomberg have an average price target of $212.79, which would translate to a market cap of $1.046 trillion.

The world's most valuable company has also goosed its stock price through buybacks. His ignominious departure came after losing a power struggle with John Sculley, a former Pepsico executive who he recruited to become Apple's CEO in 1983 - seven years after he and his geeky friend Steve Wozniak teamed up to start the company with the administrative help of Ronald Wayne.

More news: Transfer Rater: Yerry Mina to Manchester United, Jack Grealish to Chelsea

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

Since the iPhone first went on sale in 2007, Apple shares have soared by 1,100% and have jumped nearly a third in the past 12 months. In recent years, Apple has been working to spread its cult-like following to newer devices like smart watches, cordless headphones and smart home speakers. Its net cash stood at $129 billion, according to Moody's analyst Stephen Sohn. But that peak coincided with a Chinese stock-market bubble, and PetroChina's shares would lose $800 billion in value over the next 10 years.


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