Apple becomes first publicly traded company to be worth $1 trillion

Apple is the first $1 trillion company in history

Apple has become the first $1 trillion publicly listed United States company, 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.

In March we talked about the race between Apple, Amazon, Google and newcomer Microsoft to become the first US-based company valued at a trillion dollars.

The company on Tuesday reported second-quarter earnings that topped Wall Street's expectations, sending shares surging by more than 5% into Wednesday.

Ives continued to say: "It just speaks to the vision that [co-founder Steve Jobs] and now [CEO Tim Cook] have had in making sure Apple isn't just a hardware company".

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Apple was worth about US$350 billion when Jobs died, so Cook has led the creation of even more stock-market value than his former boss and mentor.

Buffett is right. Apple reported US$68 billion in profit before taxes and non-operating items in the past year. A company's market value is calculated by multiplying its current share price by the total number of shares investors hold. Apple stock is up more than 20% this year.

Jobs eventually shepherded a decade-long succession of iconic products such as iPhone that transformed Apple from a technological boutique to a cultural phenomenon and moneymaking machine.

Apple's software and services revenue, including the App Store, which recently turned 10 years old on July 10, along with Apple Music and cloud services, jumped 31 percent year-over-year.

Apple becomes world's first public company worth $1 trillion
Even with its $1,000,000,000,000 stock market value, many analysts do not view Apple's shares as expensive. Amazon, whose worth was just a third of Apple's in 2011, has seen its share prices surge in recent times.

The milestone also means that Apple is worth more than just about any country on the planet, there are only 16 that it is worth less than.

Hot on Apple's heels is Amazon.com, the second-largest listed US company by market value, at around $880 billion, closely followed by Google-owner Alphabet and by Microsoft.

Tim Cook became CEO just six weeks before Jobs passed away on October 5, 2011. Microsoft helps Apple survive with a $150 million investment.

Independent technology analyst Rob Enderle said Apple's trillion-dollar valuation defied financial trends in recent quarters and potential defeat in a legal battle with Qualcomm over mobile chips. But when Apple bought NeXT in 1997, the company Jobs worked on in his absence from Apple, he returned to the company he co-founded and helped it restructure.

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