Apple first US company to hit $1 trillion-mark

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New York, Aug 3 (IANS) Apple on Thursday become America’s first publicly-traded company to hit the $1-trillion milestone when its stock briefly hit the $207.05 per share — the price required to achieve the feat.

The stock, however, fell below $207 later during the mid-day trading.

“Given the volatile nature of the market, however, it’s possible Apple may not stay a $1-trillion company for very long, or it could bounce back and forth over the $1 trillion-mark in the coming days,” The Verge reported.

The Cupertino-based iPhone maker had updated its share count to 4.83 billion (as of July 20) which translated into nearly $973 billion in market cap on Wednesday.

In 2017, China’s PetroChina Co crossed the $1-trillion milestone but since then, the energy company has lost a massive $800 billion in its market cap.

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According to media reports, the stock nosedived after China announced key economic policy shifts in the last decade that did not go well with PetroChina.

Apple, maker of the iPhone, iPad and other devices, said its fiscal 2018 third quarter revenue stood at $53.3 billion, up 17 per cent from the same period last year.

The company reportedly aims to introduce at least three new iPhone models soon which may include a considerably larger version of the iPhone X and a less expensive version.

Apple was co-founded four decades ago by Steve Jobs which has completely changed the way people think about mobile communication and related services.

–IANS

na/nir

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