Apple becomes $1T company
Apple reached a $1 trillion market capitalization, with shares climbing above the $207 price point Thursday.
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.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
AAPL | APPLE INC. | 222.01 | -0.90 | -0.40% |
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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.