Apple has become the first US company in history to be valued at $1trn (£770bn) as the company’s share prices hit a record high.
The California-based tech firm has seen its stock values rise by 9% since Tuesday to hit $207.39 (£159.37) yesterday, Sky News reports.
The surge followed Apple’s announcement of its sales results for the third quarter, which “exceeded Wall Street’s expectations”.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
The company made profits of $11.5bn (£8.8bn) and revenues of $53.3bn (£40.6bn) in the three months until 30 June. This marked a year-on-year 32% increase in profits and a 17% rise in revenue.
Much of the company’s recent success can be attributed to the iPhone, according to the BBC. The broadcaster reports that Apple’s shares have soared by 1,100% since the smartphone launched in 2007.
The development of the iPhone has been overseen by CEO Tim Cook, who took over after Apple's influential co-founder Steve Jobs died in 2011. At that time, the company was valued at $624bn (£480bn).
Although Apple has cemented its position as the highest-valued US-based company, it remains to be seen whether the tech giant can also take the top spot in the world rankings.
In 2007, Chinese government-controlled petrol giant PetroChina was listed as the world’s first firm to top the $1trn mark, but The Guardian says its “valuation is considered unreliable because only 2% of the company was released for public trading”.
Saudi Arabian oil firm Saudi Aramco could end up with a valuation of up to $2trn (£1.54trn) if plans go ahead to float the company on the stock market, the newspaper adds.
Continue reading for free
We hope you're enjoying The Week's refreshingly open-minded journalism.
Subscribed to The Week? Register your account with the same email as your subscription.
-
China steals the spotlight at Apple's iPhone 15 launchHow will a directive from the Chinese government affect the tech giant?
-
Why is a tiny change to the iPhone's charger such a big deal?
Today's Big Question A change to comply with EU regulations could have global ramifications
-
Apple fixes its 'ducking' autocorrect problem
Speed Read
-
Could Apple's $3,500 headset change the VR game?
Today's Big Question The ski goggle-like device could revolutionize an industry — that is, if people are willing to buy it
-
Apple’s Vision Pro: is the VR future finally here?
Talking Point The ‘mixed reality’ headset could redefine how we use personal devices
-
Apple’s Foxconn iPhone nightmare
Talking Point Zero-Covid protests in Zhengzhou slow down production of flagship smartphones ahead of Christmas rush
-
iPhone 14: are Apple launch events losing their lustre?
Speed Read Social media users have ‘poked fun’ at tech giant’s latest event amid talk of ‘upgrade fatigue’
-
Apple AirTags: the benefits and risks
feature Critics say the small tracking devices can be ‘as creepy as they are helpful’
