Apple makes history with $1 trillion market valuation

Apple Buybacks May Total $21 Billion in Q2

Earlier Thursday morning, Apple's own Stocks app (which uses data from Yahoo Finance) incorrectly reported that the company's market cap was over $1 trillion because it didn't factor in the reduction in shares outstanding after Apple's $100 billion stock buyback announced on Tuesday (July 31).

In 2007, Chinese government-controlled PetroChina briefly reached a stock market value of about US$1.1 trillion following its public listing in Shanghai.

For context, passing the $1 trillion mark means Apple now has a value greater than the gross domestic product (GDP) of all but 27 major countries, including Argentina, the Netherlands, Sweden and Switzerland, according to the CIA's world fact book. While year-over-year iPhone sales increased by just 1% this past quarter, iPhone-based revenue jumped by a whopping 20%.

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

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

The market capitalization of Apple reached $1 trillion on Thursday. Jim Cramer, for example, recently argued that Apple shares could start approaching $300.

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The rise is even more astonishing - 50,000% - since the company first listed in 1980.

Apple said it expects revenue of $60 billion to $62 billion for the fiscal fourth quarter that ends in September 30.

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.

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

One of five United States companies since the 1980s to take a turn as Wall Street's largest company by market capitalisation, Apple could lose its lead to the likes of Alphabet or Amazon.com if it does not find a major new product or service as global demand for smartphones loses steam. 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.

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