Apple Inc became the first $1 trillion publicly listed US company on Thursday, crowning a decade-long rise fuelled by its ubiquitous iPhone that transformed it from a niche player in personal computers into a global powerhouse spanning entertainment and communications.
The tech company’s stock jumped 2.8% to as high as $207.05, bringing its gain to about 9% since Tuesday when it reported June-quarter results above expectations and said it bought back $20 billion of its own shares.
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. Along the way, it has changed how consumers connect with one another and how businesses conduct daily commerce.
Apple’s stock market value is greater than the combined capitalisation of Exxon Mobil, Procter & Gamble and AT&T. It now accounts for 4% of the S&P 500.
One of three founders, Jobs was driven out of Apple in mid-1980s, only to return a decade later and rescue the company from near bankruptcy.