Yup – it’s done. The earger market watchers can now rest easy. Apple’s market cap hit $1 trillion today.
Stock price of Apple rose to $207.05 for a brief period today. What it did was push the Cuppertino-based tech giant towards becoming the first publicly-traded US company in history to reach trillion dollar in market value. It beat Amazon to the finish line in the process.
The stock performance comes after Apple reported a strong Q3 financial earnings report. Its revenue hit $53.3 – 17 percent year-on-year increase – for the quarter that ended in June. The earnings beat projections set by analysts and pushed Apple towards $1 trillion market cap.
The strong quarter rided on sales of the iPhone. There was 41.3 million iPhones sold during the quarter, a slight decrease from last year.
However, these upticks come and go. Apple may not be a trillion dollar company all day long. $999 billion is just as good as $1 trillion. But, of course, we are naturally drawn to nice rounded numbers. Fact is that nothing’s changed for Apple when it comes to products. The company repeatedly goes on record to say that it doesn’t fixate itself to stock prices.