Apple becomes $1T company

By TechnologyFOXBusiness

Apple hits $1T market value

Barron's Senior Editor Jack Hough and Wall Street Journal Editorial Page Deputy Director Dan Henninger on Apple.

Apple reached a $1 trillion market capitalization, with shares climbing above the $207 price point Thursday.

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On Wednesday, the company announced that it adjusted its number of shares outstanding, which gave investors the per-share level to hit the milestone.

This makes Apple the first U.S. company to reach a $1 trillion market capitalization.  PetroChina reached a $1 trillion market capitalization briefly in 2007. PetroChina is backed by the Chinese government.

The momentum continued for Apple on Thursday, following the company’s latest quarterly earnings reported on Tuesday.

TickerSecurityLastChange%Chg
AAPLAPPLE INC.222.15+4.79+2.20%

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After the closing bell Tuesday, the tech giant reported that, despite slow-growing demand for the iPhone, that the company benefited from higher prices of its flagship device and that its fiscal third-quarter profit jumped 32% to $11.52 billion. On a per-share basis, earnings hit $2.34 to beat Wall Street’s estimate of $2.18.

Amazon is approaching a $1 trillion market cap. Assuming 484 million shares outstanding, as indicated in Amazon’s second-quarter financial statements. With a share price of $1,810, this puts Amazon’s market capitalization at about $871 billion.

This story has been updated.