Despite the news that Apple lost its second place in the smartphone market to Huawei
in the past quarter, the iPhone maker became the first company to reach a market capitalization of $1 trillion on Thursday*. Following the release of better-than-expected results
on Tuesday, the company’s share price climbed almost 6 percent on Wednesday and continued its upward trend on Thursday.
While some news outlets had already reported that Apple passed the $1 trillion threshold shortly after U.S. markets opened on Thursday, they didn't consider the fact that Apple updated its outstanding share count on Wednesday, putting the magic number slightly higher than previously thought. Apple's share price needed to climb past $207.04 for the company to reach a market capitalization of $1 trillion, which it finally did shortly after noon. At the end of the trading day, Apple's shares settled at $207.39, putting the company's market capitalization at $1,019 billion.
As our chart illustrates, Apple reaching a market cap of $1 trillion would have been unthinkable a decade ago. Back in 2008, the company had just released the iPhone, the iPad was still confined to its secretive labs and the financial crisis had brought Apple’s market value down to $76 billion. 10 years and 1.4 billion sold iPhones
later, the company founded in a garage in Los Altos, California in 1976 made history once again.
* Some sources say that Petrochina reached a trillion dollar valuation after its flotation in 2007. However, many experts question that valuation because only 2 percent of the state-owned company's shares were available for public trading.