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

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Apple Inc. on Thursday became the first USA company to surpass $1 trillion in market value, underscoring the iPhone maker's explosive growth and its role in the technology industry's ascent to the forefront of the global economy and markets.

Apple on Thursday became the first private-sector company in history to be worth $1 trillion, after its share price reached an all-time high above $207. It now accounts for 4 per cent of the S&P 500. Apple announced $100 billion in stock buybacks on May 1, the largest repurchase ever by a USA public company. In recent years, Apple has been working to spread its cult-like following to newer devices like smart watches, cordless headphones and smart home speakers.

During that time, Apple evolved from selling Mac personal computers to becoming an architect of the mobile revolution with a cult-like following. "A clean beat on the path to $1 trillion".

The first company to ever be worth $1 trillion was Petrochina, which reached the valuation briefly on its first day of trading, following its 2007 IPO. Jim Cramer, for example, recently argued that Apple shares could start approaching $300.

Apple's stock has risen more than 50,000% since it first listed in 1980.

Apple generates billions from hardware sales: It had $29.9 billion in iPhone sales, up 20% year over year, for the June 30 quarter.

Wall Street loved it. Apple climbed almost 9 percent since the earnings report.

What makes it impressive is that Apple buys back a lot of its stock.

Hot on Apple's heels is, the second-largest listed USA company by market value, at around US$880 billion, closely followed by Google-owner Alphabet and by Microsoft.