Apple

Apple becomes first $1 trillion dollar US company

Apple has become the world’s first public company to be worth $1 trillion (£767bn).

During the day, the share price of the iPhone maker jumped by 2.8% to $207.05, passing the $1tn (£762bn) mark in New York trading.

Its stock has soared 9% since Tuesday when Apple’s third-quarter earnings exceeded Wall Street’s expectations.

The company, which was started in a garage in Palo Alto by Steve Jobs and Steve Wozniak in 1976, has transformed the way people communicate with its ubiquitous iPhone.

Apple beat Silicon Valley rivals such as Amazon and Microsoft to become the first to hit the $1 trillion valuation.

Since the iPhone first went on sale in 2007, Apple shares have soared by 1,100% and have jumped almost a third in the past year.

The rise is even more astonishing – 50,000% – since the company first listed in 1980. That dwarfs the 2,000% increase for the S&P 500 over the same period.

Apple traces its origins to the garage of co-founder Steve Jobs in 1976 and was initially best known for its Mac personal computers before its smartphone paved the way for the app economy.

Apple has turned to the courts to protect its advantage and won multi-million dollar payouts from Samsung for allegedly copying some of its technology.

Mr Jobs, who died in 2011 and was succeeded as chief executive by Tim Cook, oversaw the development of the iPhone, which transformed Apple’s fortunes.

In 2006 the company had sales of less than $20bn and posted profits of almost $2bn.

Last year its sales hit $229bn, with profits of $48.4bn, making it the most profitable listed US company.

PetroChina was briefly worth about $1.1 trillion after floating in Shanghai in 2007, although most of its shares were held by the Chinese government. It is now worth about $220bn.

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