Apple is first public company worth $1 trillion

Apple is first public company worth $1 trillion

Apple has become the first trillion dollar company today after its stock price soared on the back of excellent financial results. The stock has been surging this week as anticipation mounts for the next generation of iPhone, expected to be released in September.

One of five USA companies since the 1980s to take a turn as Wall Street's largest company by market capitalization, Apple could lose its lead to the likes of Alphabet Inc. or Amazon.com Inc. if it does not find a major new product or service as demand for smartphones loses steam. Amazon is worth almost $900 billion while Google and Microsoft are each now worth more than $800 billion.

That would put Apple's stock market value at $973 billion, based on its newly disclosed number of shares. The tech giant had relatively flat iPhone sales but increased its revenue thanks largely to higher-priced models including the iPhone X, with a list price of just under $1,000. Some market observers consider U.S. tech stocks to be overvalued, but few think we're in a bubble. A company's market value is calculated by multiplying its current share price by the total number of shares investors hold.

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The company's stock was at $205.98, up 2.2 percent near 1555 GMT.

Apple said in a quarterly filing to the Securities and Exchange Commission, or SEC, that its share count was 4,829,926,000 on July 20, less than the 4,842,917,000 it reported on Tuesday for the end of the June quarter. They're up 22 percent so far this year.

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