The maker of IPhone has created a history as the world’s first trillion dollar company.
Behind this conglomerate business was the two mavericks named Steve- Steve Jobs and Steve Wozniak – started the company in a Silicon Valley garage 42 years ago.
Jus this midday, the company’s shares rose 2.7 percent to an all-time high of $207.05 around midday, pushing the firm over the trillion dollar mark.
So far this year, the iPhone maker’s shares are up 22 percent.
Apple has become the world’s first publicly traded company to be valued at $1 trillion – 42 years after Steve Jobs and Steve Wozniak began the firm in a Silicon Valley garage.
The stock rose nearly 3 percent following a strong third-quarter earnings report earlier this week, briefly hitting a session high of $207.05 in midday trading before falling back below $207.
This briefly pushed Apple over the historic trillion dollar mark.
The valuation caused confusion earlier in the day as the number of shares were adjusted as part of a buyback, prompting Apple’s own Stock app among others to tell users the firm had crossed the threshold before it had.
However, based on the new adjusted outstanding share count of 4,829,926,000 shares, a stock price of $207.05 was enough to put Apple over the finish line in the race to one trillion.
The milestone marks the financial fruit of stylish technology that has redefined society since two mavericks named Steve started the company 42 years ago.
The peak reached Thursday seemed unimaginable in 1997 when Apple teetered on the edge of bankruptcy, with its stock trading for less than $1.
To survive, Apple brought back its once-exiled co-founder, Steve Jobs, as interim CEO and turned to its arch-rival Microsoft for a $150 million cash infusion to help pay its bills.
Jobs eventually introduced popular products such as the iPod and iPhone that have driven Apple’s rise.
Apple shares rose 2.7 percent to an all-time high of $207.05 around midday.
They’re up 22 percent so far this year.
The tech company’s stock jumped 2.8 percent to as high as $207.05, bringing its gain to about 9 percent since Tuesday when it reported June-quarter results above expectations and said it bought back $20 billion of its own shares.
US technology analyst Dan Ives said:
“I think it just speaks to just how powerful the Apple ecosystem has become over the last few decades,” says US technology expert Dan Ives.
“I view this as just kind of speaking to a new stage of growth and profitability,” he added.