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04 August 2018, 02:14 | Austin Hogan
Shares of Apple hit $207.91 in afternoon trading on Wall Street, allowing it to hit the magic number two days after the California tech giant reported strong quarterly earnings.
Apple shares topped $207 on Thursday, pushing the company to a market capitalization of $1 trillion just before noon, before falling back to around $206.
U.S. tech companies have cemented their position in the broader market, now making up the top five most valuable enterprises based on share prices. The iPhone now accounts for almost two-thirds of Apple's revenue. While we have much to be proud of in this achievement, it's not the most important measure of our success.
As with other landmarks - such as the Dow crossing 25,000 points for the first time - the Apple record is significant because of its resonance beyond the financial universe.
Along the way, it has changed how consumers connect with one another and how businesses conduct daily commerce.
The first company to hit $10 billion in market capitalization. It now accounts for 4 percent of the S&P 500.
Apple became the first $1 trillion on Thursday, briefy crossing the lofty mark in a closely-watched rise in stock market history.
The company ultimately turned it around by Q3, which saw a $30 million profit, and by Q4, had brought back co-founder Steve Jobs, who had resigned 12 years earlier. Apple is the first United States company to reach that lofty level.
That helped Samsung to become the world's biggest mobile phone manufacturer, while China's Huawei overtook Apple to become the second-largest smartphone seller this week.
Apple CEO Tim Cook looks on during a visit of the shopfitting company Dula that delivers tables for Apple stores worldwide in Vreden, western Germany, on February 7, 2017.
In an email to Apple employees, Cook says that financial returns are simply the result of innovation - and that it's the team behind them that really makes Apple so spectacular.
Apple had also come under fire as it accumulated more than $250 billion in taxes in overseas accounts, triggering accusations of tax dodging. The shares are up 23 percent so far this year. Also propelling Apple higher in recent months was Apple's announcement that it earmarked $100 billion for a new share repurchase program.
Apple has sold more than a billion iPhones.
Perhaps there's some truth in that, but the fact is that Apple continues to refine its products in ways that customers like, while largely treating those customers with respect. Apple's stock was up 17.5 per cent in 2018 through Wednesday; it needed to grow 19.9 per cent to get to $1 trillion.
Twitter and Facebook both experienced share price drops last week amid slowing user growth.
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