Apple becomes first trillion-dollar United States company


Apple CEO Steve Jobs held up the new iPhone, in January 2007, during his keynote address at MacWorld Conference & Expo in San Francisco.

AAPL surged to a closing price of $207.39 today making Apple the world's first $1 trillion company.

Apple CEO Tim Cook called it a "significant milestone" in a letter to employees.

Kawasaki dismissed critics who say Apple is mostly a smartphone company.

"Financial returns are simply the result of Apple's innovation, putting our products and customers first, and always staying true to our values", Cook said in the memo.

On Thursday, Apple became the first United States corporation to cross $1 trillion in market cap when its stock price surged to $207.39, following good quarterly earnings reported earlier in the week.

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

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Apple accounts for 4% of the S&P 500, the American stock market index.

SAN FRANCISCO Apple has become the world's first publicly traded company to be valued at $1 trillion.

Started in the garage of co-founder Steve Jobs in 1976, Apple has pushed its revenue beyond the economic outputs of Portugal, New Zealand and other countries.

The peak reached today seemed unimaginable in 1997 when Apple teetered on the edge of bankruptcy, with its stock trading for less than $1.

One of five USA 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 Inc or Inc if it does not find a major new product or service as demand for smartphones loses steam. In its most recent quarter, Apple fetched an average price of $724 per iPhone - a almost 20 percent increase from an average of $606 per iPhone at the same time a year ago.

Jobs, who died in 2011, was succeeded as chief executive by Tim Cook, who has doubled the company's profits but struggled to develop a new product to replicate the society-altering success of the iPhone, which has seen sales taper off in recent years.

"Steve founded Apple on the belief that the power of human creativity can solve even the biggest challenges - and that the people who are insane enough to think they can change the world are the ones who do", Cook wrote in the memo.