Apple becomes first company to hit $1 trillion market cap

Apple becomes first company to hit $1 trillion market cap
The market capitalization of Apple reached $1 trillion on Thursday. The iPhone maker became the first company to reach this valuation.

Apple shares rose over three percent on a strong earnings report published earlier this week. Apple was trading at $207 per share on Thursday. It started this year at $172.

Apple’s Earnings Per Share (EPS) grew by 40 percent year over year, and revenue grew by 17 percent year over year. Analysts have said Apple needs a new smartphone to keep up the good sales, but the company passed the $1 trillion mark because of strong sales of the iPhone 8 and X in China and Japan.

The company’s strong report comes amid deep concerns voiced by investors over the US tech sector. The so-called FAANG stocks, which include Facebook, Amazon, Apple, Netflix, and Google parent Alphabet, started the week with a collective plunge.

"I think it just speaks to just how powerful the Apple ecosystem has become over the last few decades," GBH Insights analyst Dan Ives told CNBC. 

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