Apple hits the $1T milestone

Apple Buybacks May Total $21 Billion in Q2

Shares of Apple briefly hit $207.05 in late-morning trading, before retreating somewhat. That put Apple on a path to overtake Exxon Mobil in 2011 as the largest USA company by market value.

The milestone marks the financial fruit of stylish technology that has redefined society since two mavericks named Steve started the company 42 years ago.

During that time, Apple evolved from selling Mac personal computers to becoming an architect of the mobile revolution with a cult-like following.

Bullish investors have rallied after the company's results for the June 30 quarter that handily beat Wall Street forecasts and its upbeat guidance for the September quarter with refreshed products expected this fall.

Mr Jobs died in 2011 and was succeeded as chief executive by Tim Cook.

The stock was last up 2.4 per cent at US$206.41, a hair below US$1 trillion.

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Apple shares rose over three percent on a strong earnings report published earlier this week.

Adjusted for splits, Apple's stock price has risen almost 40,000% since its initial public offering in 1980.

What makes it impressive is that Apple buys back a lot of its stock.

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

"Apple's $1 trillion cap is equal to about 5 percent of the total gross domestic product of the United States in 2018", said David Kass, professor of finance at the University of Maryland. It is now worth about US$200 billion, according to Thomson Reuters data.

Amazon is in second place at $866bn, followed by Alphabet, the parent company of Google, at $843bn.

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