20180803

Apple Makes History, Becomes First Private Company To Record Market Valuation Of $1trillion

U.S. Tech giant Apple Inc has made world history as the first private company in the world to record a market valuation of $1 trillion and even surpass the milestone.

Apple attained its unprecedented feat Thursday following its latest surge after reporting strong quarterly earnings.

PetroChina owned by the Chinese government briefly broke the $1 trillion barrier in 2007 during its initial public offering, but has since dropped back down.

Shares of Apple briefly hit $207.05 in late-morning trading, before retreating somewhat. The gains came after the iPhone maker reported strong earnings late Tuesday that prompted a two-day rally in the share price.

NAN reports that the company’s stock was at $206.85, up 2.7 percent near 1620 GMT. Apple said it currently has 4.83 billion shares outstanding.

As with other landmarks — such as the Dow crossing 25,000 for the first time — the Apple record is significant because of its resonance beyond the financial universe.

“The $1 trillion mark is more psychological, and sends a message of growth and size into the market,” said Howard Silverblatt, senior index analyst at S&P Dow Jones Indices.

The record also cements the continued supremacy of US technology companies to the broader market, with other large technology giants - Amazon, Google-parent Alphabet, Microsoft and Facebook - regularly rounding out the top five in international market.