Apple Inc. is officially the first company to achieve a market value of $1 trillion USD.
— scott budman (@scottbudman) August 2, 2018
The Cupertino, Calif.-based tech giant officially passed the milestone Thursday morning, its stock rising approximately $4.32 (all figures USD) per share according to Nasdaq, and was trading at approximately $205.82 as of 10:55 AM – enough to push it past the vaunted $1 trillion mark.
The milestone had been a long time coming: Numerous websites had been predicting that either Apple or Amazon would be the first U.S. companies to reach a $1 trillion valuation for months, and many of them, including ITBusiness.ca, reported Apple’s latest quarterly results, released Tuesday, as pushing the company closer than ever to $1 trillion.
It helped that Apple revealed $53.3 billion in quarterly revenue on Tuesday, versus analysts’ expectations of $52.34 billion, according to Thomson Reuters; and that analysts had expected the company to reveal earning per share of $2.18, and that the company delivered $2.34.
And even though its iPhone sales fell slightly short of projections – 41.3 million versus 41.79 million, according to StreetAccount – those sales were dominated by the higher-margin iPhone X, and cemented a quarterly results report that was received considerably more enthusiastically than, say, Facebook’s – or even Amazon’s.
We’d be remiss if we didn’t acknowledge that according to other sources including Bloomberg, Apple actually needs to trade at $207.05 per share to truly hit $1 trillion in market value – though even the sites reporting that number appear to be doing so with bated breath they expect to let out at any moment.