The iPhone maker achieved that big number on Thursday when the stock passed $207.04 a share. That price translates to a $1 trillion market cap, based on the current estimated number of outstanding shares.
In the more than four decades since Steve Jobs founded the company in a California garage, Apple has become nearly synonymous with personal computing and mobile devices. After launching the iPhone – arguably its most popular product ever – in 2007, Apple now churns out over 40 million of the devices every quarter, helping it rake in $254.63 billion in revenue last year.
Adjusted for splits, Apple’s stock price has risen nearly 40,000% since its initial public offering in 1980.
Now, the non-hardware services category is fueling Apple’s continued growth. On Tuesday, the company said Apple Services, which includes things like the App Store and Apple Music, saw a 31% jump in revenue.
For context, passing the $1 trillion mark means Apple now has a value greater than the gross domestic product of all but 26 major countries; its value is higher than the GDP of Argentina, the Netherlands, Sweden, and Switzerland, among others, according to the CIA’s World Factbook.
Other companies have come close to the mark, but no public US company has hit a $1 trillion valuation before. In November 2007, PetroChina briefly crossed $1 trillion mark but for less than a day. The state-controlled oil company is now valued at less than $500 billion and is smaller than the Chinese tech giant Alibaba.
Mega-cap tech giants like Amazon, Microsoft, and Google’s parent, Alphabet, were also in the race to $1 trillion, but none could beat Apple in the end. Amazon had the second-largest US market cap as of Wednesday, at roughly $872.5 billion.
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