Published: Thu, August 02, 2018
Economy | By Shawn Conner

Apple hits $1,000,000,000,000

Apple hits $1,000,000,000,000

Buoyed by a stronger than expected earnings report for the second quarter on Tuesday, Apple became the first American company ever to be worth $1 trillion Thursday.

The tech giant's stock jumped 2.8% to as high as $207.05 in afternoon trading in NY.

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The $1 trillion milestone is largely symbolic, though impressive.

The Silicon Valley stalwart's stock has surged more than 50,000 percent since its 1980 initial public offering, dwarfing the S&P 500's approximately 2,000-percent increase during the same nearly four decades. Amazon's market cap stands at around $877 million, while Alphabet's is $851 million and Microsoft is worth about $822 million.

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UPDATE: Aug. 2, 2018, 11:52 a.m. EDT Apple is officially the first company to hit $1 trillion market cap, according to CNBC. In addition, that is, to shepherding a decade-long succession of iconic products that transformed Apple from a technological boutique to a cultural phenomenon and moneymaking machine.

The iPhone maker achieved that big number on Thursday when the stock passed $207.04 a share.

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Apple said it now has 4.83 billion shares outstanding. Companies typically do so when they consider their stock to be undervalued-or to return funding to investors. 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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