Apple became the first publicly private-sector company in history to reach $1 trillion in market valuation.
The company’s share price jumped earlier this week, following a record June earnings report that was fueled by strong iPhone sales and robust growth in other parts of the company, such as wearables and services like the App Store and Apple Pay.
Wall Street reacted enthusiastically, driving up the stock. Today, Apple shares were trading at $206.81, propelling the company’s market valuation past the $1 trillion milestone.
Apple’s market milestone represents a remarkable turnaround for a company that was teetering on the brink of bankruptcy in the late 1990s, just before the return of visionary co-founder Steve Jobs.
Since then, Apple has reinvented entire consumer product categories — from portable music players to smartphones to wearable devices. It arguably remade the media landscape, helping transform how consumers listen to music and video (and it may well do so again, if Tim Cook’s hints about a forthcoming entertainment offering live up to its billing.)
The tech company, launched in 1976 in a Los Altos garage, revolutionized personal computing — popularizing experimental technologies developed in the Xerox Parc research labs, such as the mouse and graphical user interface.
The ailing Jobs handed the corporate reins to his chief lieutenant, Cook, in 2011. Since Jobs’ death seven years ago, Apple has continued its remarkable growth trajectory.
Apple isn’t the only technology giant flirting with the trillion dollar threshold. Amazon is valued at $870 billion, Google-parent Alphabet has a market valuation of $850 million and Microsoft’s market cap is at just under $815 billion.
Oil giant PetroChina briefly surpassed a trillion dollar valuation in 2007 when its stock began trading in Shanghai, though most of its shares were owned by the Chinese government. The company, which is also listed on the New York Stock Exchange, is now worth about $210 billion