Here's what CEO Tim Cook told employees about Apple's $1 trillion valuation

Apple becomes first company to reach $1 trillion market value

Apple becomes first company to reach $1 trillion market value

In early morning trading on Thursday Apple's stock jumped 2.8 percent and sent the company over a magic hurdle as it became the world's first private-sector publicly traded company with a market value of $1 trillion.

Adjusted for splits, Apple's stock price has risen almost 40,000% since its initial public offering in 1980. Thomson Reuters information shows that Chinese oil company PetroChina reached that level in 2007, although it has since lost much of that value.

The milestone also means that Apple is worth more than just about any country on the planet, there are only 16 that it is worth less than. The shares are up 22 per cent so far this year.

Apple generates billions from hardware sales: It had $29.9 billion in iPhone sales, up 20% year over year, for the June 30 quarter.

The pace of growth in Apple's market cap really picked up steam in the late-2000s, which coincided with the launch of the first-generation iPhone.

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Jobs, who died in 2011, was succeeded as chief executive by Tim Cook, who has doubled the company's profits but struggled to develop a new product to replicate the society-altering success of the iPhone, which has seen sales taper off in recent years. The tech giant had relatively flat iPhone sales but increased its revenue thanks largely to higher-priced models including the iPhone X, with a list price of just under $1,000. The Apple rally continued to surge on Thursday. Analysts polled by Bloomberg have an average price target of $212.79, which would translate to a market cap of $1.05 trillion.

United States tech companies have cemented their position in the broader market, now making up the top five most valuable enterprises based on share prices. That company is now worth about $205 billion.

"I left Apple twice", Kawasaki said with more chuckle than notes of regret. It also firmly cements Apple's place as the most valuable publicly traded company today.

Alphabet, the parent of Google, scrambled to provide its Android software to power mobile phones, making sure Apple didn't steal a huge march on rivals.

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