icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm

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. 

For more stories on economy & finance visit RT's business section

Podcasts