Apple is now a $1 trillion company

The tech titan on Thursday became the first company in the world to reach a $1 trillion valuation. It became the first $900 billion company exactly nine months ago, on Nov. 3, 2017. Apple sold 41.3 million iPhones last quarter and reported an average selling price of $724.

“It just speaks to the vision that [co-founder Steve Jobs] and now [CEO Tim Cook] have had in making sure Apple isn’t just a hardware company,” Ives said.

Amazon had also been approaching the threshold, surpassing $900 billion in market value in July. Apple had quite the head start, though, hitting $900 billion in November.

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As of Thursday’s, close, Apple had gained 22 percent in 2018 and more than 30 percent in the last 12 months. After this three trillion news, the stock market saw a +w.41% hike in Apple shares. Apple’s stock, changing hands at $190 just 48 hours ago, needed to clear $207.04, based on its update after the closing bell Wednesday of this week of its share count, to see the company’s market capitalization eclipse the $1 trillion mark. It closed Thursday at $207.39.

According to THE VERGE, Apple is technically not the first company in the world to hit $1, with PetroChina briefly crossing the mark in 2007. Apple’s quarterly results published earlier this week showed a jump in iPhone sales to 41.3m, a slight increase on last year.

The company was able to achieve that milestone primarily through a desperate attempt by the leaders of the company to reorganize the institution after it was bought from Andrew Carnegie. It took over a half-century before a company managed to reach the $10bn valuation mark.

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