That’s trillion with a T-Apple hits market value of $1 trillion

Apple is the first $1 trillion company in history

The tech giant crossed the $1 trillion threshold when it hit $207.04 per share earlier this morning, though it has since trended down.

The Silicon Valley company's stock has skyrocketed more than 50,000 percent since it went public in 1980, greatly exceeding the S&P 500's impressive 2,000 percent gain during the same period. Those earnings beat Wall Street expectations on the top and bottom lines, but iPhone sales fell slightly short.

At the time of writing, Apple has already retreated from the $1 trillion valuations, and the fate of the last company to reach $1 trillion may be an object lesson to investors.

Apple's latest earnings release, dated July 31, called out record services revenue, which rose 31%, year over year, to $9.5 billion during the third fiscal quarter.

Daniel Morgan, portfolio manager at Synovus Trust in Atlanta, said Apple's lukewarm Friday was a temporary pause for the stock rather than a sign it could lose ground.

Amazon has provided stiff competition in the race to past the trillion dollar mark, following strong Amazon Prime Day sales last month and November's Black Friday, pushing founder Jeff Bezos to becomethe world's richest man.

The company beat Wall Street expectations on Wednesday with $53.3 billion in third-quarter revenue, up 17 percent from the same quarter a year ago.

"Financial returns are simply the result of Apple's innovation, putting our products and customers first, and always staying true to our values", Cook said in the memo. Apple's market capitalization - a common financial measure of worth which multiplies the number of shares by the share price - makes the company worth more than the economies of, for example, Saudi Arabia, Switzerland and Taiwan.

In 2015, Apple joined the Dow Jones Industrial Average, one of capitalism's most exclusive clubs.

It is now almost 10 times the value of each of India's two most valued companies, Tata Consultancy Services (TCS) and Reliance Industries Limited (RIL). "Given our confidence in Apple's future, we are very happy to announce that our Board has approved a new $100 billion share repurchase authorization and a 16 percent increase in our quarterly dividend", he added.

And in 5 years maybe Canada will be worth less than the company that sold you your phone.

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