Apple becomes world’s first private sector company worth $1 Trillion

first private sector company worth 1 Trillion

Apple has become the world’s first private sector company to be worth $1 trillion on Thursday after its share price reached an all-time high above $207.

The share price jumped by more than 8 percent this week after Apple reported impressive quarterly earnings on Tuesday, driven largely by strong sales for high-price iPhones. In a call with investors, CEO Tim Cook also touted growth in other areas such as smart home products, wearables, and services like the App Store and Apple Pay.

Apple becomes worlds first private sector company worth 1 Trillion dollars
Apple becomes world’s first private sector company worth $1 Trillion

The $1 trillion milestone is largely symbolic, though impressive. Apple’s market capitalization — a common financial measure of worth which multiplies the number of shares by the share price — makes the company worth more than the economies of, for example, Saudi Arabia, Switzerland and Taiwan.

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The tech company, launched from a garage in 1976, has been on a steady climb through the years, revolutionizing personal computers and phones with its Macs and iPhones. In recent years, Apple has been working to spread its cult-like following to newer devices like smartwatches, cordless headphones and smart home speakers.

Other technology companies with high-flying, trendy stocks are expected to join Apple in the $1 trillion club before long. In recent years, the financial world considered Amazon and Apple to be in race toward the milestone. On Thursday, Apple finished first.

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